Further analysis of the U.S. Census Bureau’s Construction Spending data provided by the National Association of Home Builders (NAHB) reveals that total private residential construction spending dropped -0.2% in February 2021 to a seasonally adjust annual rate (SAAR) of $718 billion, down slightly from January’s record high level. Year-over-year, however, private residential construction is up 21%. The February decrease can be directly correlated to a -1.4% decline in spending in multifamily construction and improvements. However, year-over-year multifamily construction is 14.6% higher. Single-family construction spending inched 0.1% higher to a $376.8 billion annual pace in February. Remodeling spending, which includes spending on remodeling, major replacements, and additions to owner-occupied housing units, slid -0.2% to a $248.0 billion annual pace in February.
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Private Residential Spending Dips Slightly in February