News & Opinions
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Construction Spending: Improvement Spending Shows Strength
Robert Dietz / NAHB / August 1, 2013
After recent positive data revisions, seasonally adjusted improvement spending has shown growth during the spring of 2013. The current pace of improvement spending is the highest since 2007. This improved picture of the remodeling market is consistent with NAHB surveys of remodelers, suggesting improving market conditions during the second quarter.
According to the current Census construction spending report, total private residential construction spending was effectively unchanged at a seasonally adjusted annual rate of $332.1 billion in June 2013. The May rate of $332.2 billion was the fastest pace since September 2008. The current reading is 18.1% higher than a year ago.
Single-family spending registered a slight decline (0.8%) for the month, while the more volatile multifamily category was down 3.3% in June.