Single-family construction spending rose for the 10th straight month, according to the latest data from the Census Bureau.
- M-O-M: Construction spending on single-family was estimated at a seasonally adjusted annual rate of $430.12 billion in January, up 0.6% from December and the highest level since August 2022.
- Y-O-Y: Constructing spending was up 12.5% when compared to the same time last year.
Mult-Family. Construction spending on multi-family fell to an estimated annual rate of 134.5 billion in January, down 0.4% from December but still up 7.9% from the same time last year.
Miss Expectations. Total construction spending fell to a seasonally adjusted annual rate of $2.10 trillion in January, down 0.2% from December and worse than the 0.2% rise economists were projecting.