Home Construction Jump 21%
Total Construction spending was estimated at a seasonally adjusted annual rate of $1,521.5 billion in January according to the Census Bureau (CB)
– M-O-M: This was a 1.7% increase from the revised December estimate of $1,496.5 billion.
– Y-O-Y: This was a 5.8% jump from the January 2020 estimate of $1,437.7 billion.
Total Residential Construction spending was at a seasonally adjusted annual rate of $713.0 billion which was up 2.5% from December and up a whopping 21.1% from January 2020
– SINGLE FAMILY: Spending was at a seasonally adjusted annual rate of $376.2 billion which was 24.2% higher than the same time a year ago
– MULTI-FAMILY: Spending was at a seasonally adjusted annual rate of $92.7 billion which was 16.9% higher than the same time a year ago.
Total Public Construction spending is coming back with a 1.7% increase from December at $361 Billion dollars
Nonresidential Construction spending continues to lag but was still higher year-over-year with 2.4% growth.
– Office spending was actually up 0.9% from December but was still down 5.0% from one year ago.
– Commercial spending was down 4.4% from December and down 1.6% from the same time a year ago.