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

American Olean hosts anniversary party

Las Vegas—American Olean officially kicked off its 100th year anniversary celebration with a party honoring the brand and its distributors here at Allegiant Stadium,...

Mohawk partners with Rhinory

Las Vegas—At this year's Surfaces show held here this week, Mohawk announced its new partnership with Rhinory, a winery and rhino sanctuary based in...

Nox introduces Bio-Circular PVC

Seoul, South Korea— Nox Corporation, a global LVT manufacturer, unveiled its plan for a transition to sustainable raw materials contributing to carbon reduction in...

Hallmark Floors partners with Broadlume

Sarasota, Fla.—Broadlume and Hallmark Floors have partnered in an effort to help retailers modernize their digital footprint and increase product sales. The partnership aims to...

Real conversations with women in flooring

While diversity within the flooring industry remains an uphill battle, women in flooring are gaining a bigger and better foothold as each year passes....

Marquis Wright: ‘I want to play an important role’

Growing up in Jacksonville, Fla., Marquis Wright may have lacked some of the material possessions that other kids his age took for granted. But...
Some text some message..