The National Association of Home Builders data shows that total private residential construction spending rose 0.4% in August to a seasonally adjusted annual rate of $786.6 billion. Total private residential construction spending was 24.3% higher than a year ago.
The monthly gains are a result of the strong growth of spending on improvements, while spending on single family and multifamily construction slipped. Spending on improvements rose 2.4% in August after a dip in July. The dip in new construction is due to supply chain issues, the rising material costs that we have written about before and labor shortages.
Interest rates are still low and the pressure on some construction materials has eased so now is the time to talk to us about a remodeling project.