Total private residential construction spending decreased a negligible 0.1% on a month-over-month basis during April 2013, with the net decline driven by a further decrease in improvement spending. However, total housing-related spending is up 18.8% from April 2012 and has increased 35.7% from the cycle low point in 2009.
Spending on new single-family housing has now increased for 22 of the last 23 months, increasing 1.4% over March. On a year-over-year basis new single-family expenditures have grown 38.6% and are up 81.9% from the cycle low pace set in mid-2009.
New multifamily construction spending registered a 3.4% gain in April and has increased 48.6% measured year-over-year. Multifamily construction is up 123% from the cycle low recorded in mid-2010.
While single-family and multifamily construction continue to improve, home improvement spending has been and remains a source of weakness for the residential construction sector. Remodeling-related expenditures have declined significantly over the course of 2013. Improvement spending was down 3.3% in April and is down 7% from April 2012. Rising existing home sales point to increases later in the year.
Eye on Housing 
[…] Total private residential construction spending decreased a negligible 0.1% on a month-over-month basis during April 2013, with the net decline driven by a further decrease in improvement spending. However, total housing-related spending is up 18.8% from April 2012 and has increased 35.7% from the cycle low point in 2009. Spending on new single-family housing has now increased for 22 of the last 23 months, increasing 1.4% over March. On a year-over-year basis new single-family expenditures have grown 38.6% and are up 81.9% from the cycle low pace set in mid-2009. New multifamily construction spending registered a 3.4% gain in April and has increased 48.6% measured year-over-year. Multifamily construction is up 123% from the cycle low recorded in mid-2010. [Read this article] […]
Not sure why remodeling is down. Maybe its because there are less distressed properties on the market so flipping is more difficult, and thus remodeling is down.
One possible explanation for the slight slowdown is that the boost given from the 25C tax credit for energy efficient upgrades has run its course.
[…] continuing to support economic growth, construction activity increased for single-family and multifamily development in April. Having grown for 22 of the last 23 months, single-family home construction spending increased […]
[…] continuing to support economic growth, construction activity increased for single-family and multifamily development in April. Having grown for 22 of the last 23 months, single-family home construction spending increased […]
[…] continuing to support economic growth, construction activity increased for single-family and multifamily development in April. Having grown for 22 of the last 23 months, single-family home construction spending increased […]
[…] Link to read more: https://eyeonhousing.wordpress.com/2013/06/03/april-residential-construction-spending/ […]