Residential construction increased by 7.5 percent from last year
A census estimate shows that total private residential construction spending is 7.5 percent higher than one year ago, Eye on Housing reports. However, the current reading is still 1.5 percent lower than the revised April estimate.
The monthly gains are attributed to the strong growth of spending on improvements, while spending on single-family and multifamily constructions slipped.
The monthly increase in single-family construction spending during December rose by 1.6%, marking the eighth consecutive month of gains since April 2023