Home Construction Gained Ground in October
NAHB analysis of total private residential construction spending Census data finds that all three components increased in October. Single-family spending increased 1.8%, multifamily spending increased 1.0% and home improvement spending increased 0.6% from revised September estimates.
Total private residential construction spending (all three components combined) increased from the revised September estimate to a seasonally adjusted annual rate of $353.8 billion. On a 3-month moving average basis, from October 2013, the annualized pace of total private residential construction spending increased 1.3%.
The growth in annualized private residential construction spending matches market sentiment, which has been solidly positive. The November NAHB/Wells Fargo Housing Market Index, for example, rose four points to a level of 58 for the 5th consecutive month above 50. Additionally, NAHB’s Multifamily Production Index (MPI) has had 11 consecutive quarters above 50.
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