The National Association of Home Builder’s Eye on Housing blog reports that in an NAHB analysis of Census Construction Spending data, private residential construction spending in July had a slight increase from June. According to the analysis, July registered a seasonally adjusted rate of $445.5 billion attributed to strong growth in private construction spending for home renovation projects. Spending on such projects rose to a seasonally adjusted annual rate of 4147.5 billion in July, up by 1.5% since June.
NAHB's Eye on Housing post continues,
Meanwhile, spending on single-family and multifamily both declined in July. Single-family spending edged down to $238.1 billion in July, down 0.2% over the revised June estimate. After hitting the record-breaking highs earlier this year, multifamily spending decreased to $59.8 billion, down by 0.6% since June. On an annual basis, however, multifamily spending increased by 19.8%. Single-family spending was also 1.7% higher since July 2015.
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