The National Association of Home Builders analysis of Census Construction Spending reported a 1.1% rise in private residential construction spending in February. The brought the seasonally adjusted annual rate to $850.6 billion. The private residential construction spending total was 16.6% high than reported a year ago.
Most of the gains were from spending on single-family and multifamily construction. Single-family construction increased to a $465.4 billion annual pace which was up 2.5% in February. Multifamily was up 0.1% making it 7.8% higher than a year ago.
Private nonresidential construction spending also saw a spike. It increased 0.2% from January’s estimates making it a seasonally adjusted annual rate of $503 billion. This was 6.2% higher than the report this time last year. The increase stemmed from class of power at $1.5 billion, class of manufacturing at $0.5 billion, and class of transportation at $0.4 billion.