Residential construction spending rose 1.8% in September, according a report from Reed Construction.
However, these numbers mask a difference between the main housing segments. Multifamily construction spending increased 2.9%, spurred mainly by more people moving into the rental market. Meanwhile, single-family construction actually fell 2.6%, as homebuilders are still feeling the affects of the post tax-credit payback period.
The report does forecast single-family construction spending to surge 18% next year and 28% in 2012.
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