Residential Construction is Still Mixed

 

Though down 3 percent from February, remodeling expenditures for improvements in March were up 8.1 percent in the first quarter from a year earlier.
Courtesy of Black and White Construction

The slow but steady improvement in construction activity is showing up in the data for the value of construction put in place, including the seasonally adjusted annual rate of single-family construction rising 1.6 percent in March from February and 17.2 percent from a year earlier.

In sharp contrast, multifamily construction continued its dramatic slowdown in March with a 6.3 percent decline from February and a precipitous 58.1 percent drop from a year earlier.

The combination of a growing economy, slow improvement in single-family home building, stabilization of multifamily construction and continued expansion of the remodeling market will enable residential construction to once again emerge as a net contributor to the economy. This is sorely needed as the landscape industry relies heavily on the construction industry.

– Courtesy of NAHB