By Na Zhao | Eye on Housing
Total private residential construction spending stood at a seasonally adjusted annual rate of $433.2 billion in January, virtually unchanged from December’s upwardly revised rate of $433.1 billion. It was up 7.7% from one year earlier and the highest since November 2007.
The new construction spending estimates released by the Census Bureau this morning include significant upward revisions to the multifamily construction. As of January 2016, total multifamily spending was at a seasonally adjusted annual rate of $59.8 billion, exceeding the peak readings registered during the housing boom years. This also represents a 30% rise over a year ago.