December 18, 2012 (Shirley Allen)
Construction spending in October by the nation’s home builders kept pace with September as residential construction spending remained more than twenty percent above last year’s levels according to the U.S. Census Bureau.
Spending for private residential construction was at a seasonally adjusted annual rate of $294.2 billion in October, up 3.0 percent from a revised estimate of $285.7 billion in September.
Total monthly spending by builders for both residential and non-residential private construction was at a seasonally adjusted annual rate of $592.1 billion, up 1.6 percent from the revised estimate of $582.7 billion in September.
Builders spent 20.8 percent more on private residential construction in October than they did a year ago when $243.7 billion was spent, while the total amount builders spent for all private construction was 15.5 percent higher than the $512.8 billion spent in October of last year.
Construction spending for new private single-family homes increased 3.6 percent from September to October with builders spending a seasonally adjusted $141.3 billion in October compared to $136.4 billion in September.
Single-family home construction spending was 29.0 percent higher than in October of 2011, when builders spent $109.5 billion on building new single-family homes.
Multi-family private construction spending was 6.2 percent higher than in September, climbing to a seasonally adjusted annual rate of $23.8 billion. In September, builders spent $22.4 billion on multi-family construction.
Multi-family construction spending was 53.2 percent higher than in October of last year, when builders spent a seasonally adjusted $15.6 billion on multi-family dwellings.
The remainder of the private residential construction spending in October, $129.1 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was up from the $126.9 billion spent in September and up from the $118.6 billion spent in October of 2011.
Tags: residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions