Recent Census Bureau data shows multifamily leads the private residential sector in construction spending. But the National Association of Home Builders said the pace of multifamily expansion is slowly. The NAHB has also predicted single-family construction spending will soon be picking up momentum.

Multifamily developments have been the main driver of recent gains in private residential construction.

But the National Association of Home Builders says the multifamily sector should slow down soon "?u and the single-family sector is poised to take over the lead.

Census Bureau data shows total residential spending, including both the private and public sectors, climbed 1.8 percent month-to-month, and jumped 17.2 percent over September 2014.

Separately, spending in the single-family sector amounted to $222 billion, up 1.3 percent over August, while multifamily spending increased to $57 billion, up 5 percent.

Multifamily spending rose 27 percent in September, compared to the same month in 2014, while spending on single-family construction was 13 percent higher year-to-year.

"The NAHB-constructed spending index indicates that recent gains have been driven by the steady increase in multifamily construction spending," the NAHB said.

But the NAHB also found the multifamily pace to be gradually slowing, and has also predicted accelerating growth in single-family spending in the rest of 2015, and perhaps beyond.

In nonresidential construction, spending dipped 0.1 percent in September on a monthly basis, but expanded 12.4 percent year-to-year. The biggest annual gains came in manufacturing, up 41 percent; lodging, a 33 percent hike; and amusement-recreation, which climbed 31 percent.

Source: National Association of Home Builders
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