Spending on private residential construction rose .4% in August, to a seasonally adjusted annual rate of $786.6 billion. Total private residential construction spending was 24.3% higher than a year ago, according to the National Association of Home Builders.
Meanwhile, nonresidential construction spending fell by the same amount, as reported by Associated Builders and Contractors.
NAHB attributes monthly residential growth to spending on home improvements, which rose 2.5% in August.Single-family construction spending decreased to a $413.4 billion annual pace in August, down by .7% over the downward revised July estimates. Multifamily construction spending dipped 0.8% in August. Homebuilding is still facing the supply chain issues, the rising material costs and labor shortages.
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 0.4% in August to a seasonally adjusted annual rate of $786.6 billion. Total private residential construction spending was 24.3% higher than a year ago.
The monthly gains are attributed to the strong growth of spending on improvements, while spending on single-family and multifamily constructions slipped. Spending on improvements rose 2.5% in August, after a 0.2% dip in July. Single-family construction spending decreased to a $413.4 billion annual pace in August, down by 0.7% over the downward revised July estimates. Multifamily construction spending dipped 0.8% in August. Homebuilding is still facing the supply chain issues, the rising material costs and labor shortages.
ABC analysis of U.S. Census Bureau data shows nonresidential spending totaled $788.6 billion in August on a seasonally adjusted annualized basis, down 3% from August 2020.
Spending declined on a monthly basis in 10 of the 16 nonresidential subcategories, with spending in transportation unchanged for the month. Private nonresidential spending was down 1%, while public nonresidential construction spending rose 0.5% in August, ABC reports.
