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Multi-Family Expenditures Hit Record Levels
Wednesday, March 2, 2016
The National Association of Home Builders (NAHB) took an in-depth look at one aspect of the Census Bureau's report on January construction expenditures which was released on Tuesday, multi-family construction. As we reported here, total private residential construction spending stood at a seasonally adjusted annual rate of $433.2 billion in January, virtually unchanged from December's upwardly revised rate of $433.1 billion. It was up 7.7% from one year earlier and the highest since November 2007.
Within that figure, expenditures on single-family housing declined by 0.2 percent from December to a seasonally adjusted rate of $230,000 billion but NAHB notes that, in relative terms, multifamily construction fared better. As of January total multi-family spending was at a seasonally adjusted annual rate of $59.8 billion which Na Zhao, writing for the Association, says exceeds the peak readings registered during the housing boom years. It was also a 30 percent increase from a year earlier.
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