Private residential spending increased to a seasonally adjusted $328.6 billion in May, which is the fastest pace of residential construction since 2008. The pace is 1.2% higher than the estimate from April and a whole 22% higher than last year to date. This is a total increase as well, including all three components of residential construction. Spending for new multifamily construction showed the highest gains with 2.5% since April and 51.7% since its last year to date. It is sitting at $31.8 on its own. Meanwhile, single-family housing spending raised to $166.3 billion, the highest it’s been since August of 2008.
Read the full article here: Single-Family, Multifamily, Home Improvement Spending All Up