Year-Over-Year Private Residential Construction Spending up 21% in January

Further analysis of the U.S. Census Bureau’s Construction Spending data for January 2021, provided by the National Association of Home Builders (NAHB), reveals that total private residential construction spending rose 2.5% in January to a seasonally adjusted annual rate of $713 billion, reaching a new record high. Year-over-year total private residential construction spending was 21% higher. January’s gains are credited to the robust growth of spending on single-family and improvements. Single-family construction spending rose to a $376.2 billion annual pace in January, up by 3%. It was up 24.2% from January 2020. Remodeling spending, which include spending on remodeling, major replacements, and additions to owner-occupied housing units, rose 2.3% in January — and was up 17.9% over a year ago.