While on a month-over-month basis, private single-family spending hit $226 billion, an increase of 1.6 percent over the revised September numbers, private multifamily spending rose 1.4 percent, to $58 billion.
On an annual basis, the rate of multifamily spending rose 28 percent from the year ago October estimate, while spending on single-family construction rose 11 percent. However, the pace of multifamily construction has begun to slow. The monthly growth rate of multifamily construction hit eight percent in August, six percent in September and fell to 1.4 percent in October.
NAHB expects steady growth in single-family spending through 2016. ##
(Image credit:forconstructionpros–National Association of Home Builders graph)
