New Homes Are On The Rise

The housing market is booming and new home construction is benefiting.  NAHB reports that private residential construction spending has increased.  This increase is across the board from single family

to multi-family homes.

Mulit-family accounts for $64.2 billion which attributes to the majority of the increase. Single family was shown to also hold a steady growth with a 0.9 percent increase in the third quarter of 2018.

The Census Construction Spending data details this strong growth which is from 2010 to April 2017. The rise in construction spending comes from the high spending on multi-family. The annual nonresidential spending increase  was based on class of power which totaled $8 billion, office comes next at $7.6 billion and last is lodging totaling $4.2 billion.

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