By Alexandra Pacurar | Multi-Housing News
Construction spending in January fell 1 percent to $1.18 trillion compared to $1.19 trillion in December 2016, according to the U.S. Census Bureau. However, residential construction spending grew by 0.5 percent to $476.4 billion, the highest level since August 2007, according to statistics from Trading Economics.
Is the growth in residential development a sign that we are at cycle peak? “Yes, we expect multifamily completions to peak in 2017. We’ve already seen weakness in starts and permits data, meaning that construction will start tapering off in 2018,” Paula Munger, director of industry research and analysis at the National Apartment Association, told Multi-Housing News.
