NAHB Housing Policy Economist Na Zhao reports that total private residential construction spending stood at $433.2 billion in January, an unchanged rate from December’s $433.1 billion. But year-over-year growth is strong, with an increase of 7.7% from January 2015. The rate is also the highest it has been since the November 2007.
Multifamily construction appears to be the strongest segment of the residential spending market. Total multifamily spending as of January 2016 was at a seasonally adjusted annual rate of $59.8 billion, which is higher than the peak readings seen during the housing boom years, and is a 30% increase year-over-year.
Of the single-family world, Zhao writes:
Private single-family construction spending was at a seasonally adjusted annual rate of $230 billion, down by 0.2% from the revised December estimate but 6.6 percent higher than a year ago. Private construction spending on home improvements decreased slightly to a seasonally adjusted annual rate of $143 billion. Year-over-year, this adds up to a modest 2% increase. (Please see this analysis of recent data revisions for this series). NAHB anticipates accelerating growth for single-family spending in 2016.
You can also learn more about the report from the Hanley Wood Data Studio here.