Construction spending rises in March

HomeCOVID-19COVID-19-homeConstruction 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

Underlayment: Padding products tout form and function

Underlayment is a crucial part of the flooring installation process. Its benefits include sound absorption, moisture protection, substrate leveling and more.  Choosing the right underlayment...

Southwind names Jim Mahaffey divisional VP

Dalton, Ga.—Jim Mahaffey has been chosen to be the divisional vice president for Southwind's Northeast region of the sales team. Mahaffey joins Southwind after...

Aladdin Commercial unveils new Main Street collections

Calhoun, Ga.—Aladdin Commercial has unveiled new and refreshed Main Street collections designed to complement every setting with a mix of fresh style and long-lasting...

Coverings 2024 and Earth Day activities

Atlanta—Coverings, North America’s largest and preeminent international tile and stone exhibition and conference, has released a curated selection of sustainability-centric show activities to commemorate...

Cali launches new Mavericks laminate collection

San Diego, Calif.—Cali has introduced Laminate Mavericks. Named after the Northern California surf spot known for its massive waves, this new NALFA-certified collection offers...

Natural Stone Institute Awards Program calls for entries

Oberlin, Ohio—The entry period for the 2024 Natural Stone Institute Award Program is now open. The association is calling for entries for the Pinnacle...
Some text some message..
X