01-18-22 | News

Residential Construction Spending Up

November 2021 Stats Show Gains

Residential construction is up for single-family homes but multifamily construction dipped.

National Association of Home Builders (NAHB) Census Construction Spending analysis recently released shows that total private residential construction spending rose 0.9 percent in November after a 0.2 percent decrease in spending in October 2021.


Monthly gains are attributed to the growth of spending on single-family homes and improvements while spending on multifamily construction dropped.

Single-family construction spending increased to a $421 billion annual pace in November. This was a 1.2 percent jump from the October estimates. Spending on improvements rose 0.9 percent in November after unchanging numbers in October. Multifamily construction spending dipped 0.3 percent in November but is still 9.6 percent higher than the previous year.


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