Construction spending rises in March

Home COVID-19 COVID-19-home Construction spending rises in March

construction spending NAHBWashington, D.C.—Census data shows that total private residential construction spending rose 1.7% in March to a seasonally adjusted annual rate of $725.3 billion, according to the National Association of Home Builders (NAHB). Total private residential spending was 23.3% higher than a year ago.

The NAHB said the monthly gains are largely attributed to the strong growth of spending on single-family and improvements. Single-family spending rose to a $389.9 billion annual pace in March, which was up by 2%. This is in line with the strong readings of single-family housing starts, despite rising lumber prices, the NAHB said. Remodeling spending inched up by 2% in March. Meanwhile, multi-family spending on construction went down by 0.3% in March, after a dip of 0.9% in February. However, spending on multi-family construction was 14.6% higher than a year ago, the NAHB said.

The NAHB construction spending index illustrates the solid growth in single-family construction and home improvement from the second half of 2019 to February 2020 before COVID-19 hit the U.S. economy and the quick rebounds since July 2020. New multi-family spending picked up the pace after slowing down from the second half of 2019, the NAHB said.

Private nonresidential spending decreased 0.9% to a seasonally adjusted annual rate of $444 billion and it was 7.4% lower than a year ago, according to the NAHB. The largest contribution to this month-over-month nonresidential spending decrease was made by the class of manufacturing ($0.9 billion), followed by transportation ($0.7 billion) and lodging ($0.5 billion), the NAHB added.

Must Read

Resilient: Tackling supply chain challenges head on

By Megan Salzano Originally sparked by the pandemic shutdowns in 2020, instability in ocean freight timelines and congested U.S. ports have caused an ongoing...

Daltile launches Crafter collection

Dallas, Texas—Daltile’s new Crafter porcelain tile collection offers a concrete look inspired by the visuals of the unique fibers found in craft paper. Made...

Installation: 5 smart approaches to keep talent

By Ken Ryan The never-ending task of recruiting and training installers has been a flooring industry bugaboo for decades. It's a problem that worsened...

FCEF talks installer shortage at board meeting

Dalton—During its first in-person board meeting with new executive director, Jim Aaron, at the helm, the Floor Covering Education Foundation (FCEF) brought together representatives...

XGS expands into North Carolina market

Chattanooga, Tenn.—Xpress Global Systems (XGS) has embarked on a strategic expansion into the North Carolina market by opening a new service center in Charlotte....

WATCH: Cali unveils Legends collection

https://youtu.be/v2j-MMVqmok San Diego, Calif.—Legends, Cali’s newest vinyl collection, is coming later this summer and now available for pre-orders. The waterproof LVT measures a full ½-inch...
Some text some message..
X