Single-family home construction helped drive a 1.7% monthly increase in total private residential construction spending in March to $725.3 billion, the National Association of Homebuilders reported, citing U.S. Census Construction Spending data.
Year over year, private residential construction spending was up 23.3%, according to a press release.
The NAHB attributed the monthly increase in its construction spending index to single-family construction and single-family improvements, both of which rose by 2% on a monthly basis. Multifamily construction, meanwhile, declined 0.3% after falling 0.9% in February.
Private nonresidential construction spending in March dipped 0.9% on a monthly basis and 7.4% on a yearly one to a seasonally adjusted annual rate of $444 billion. The decline was primarily driven by decreases in the manufacturing, transportation and lodging sectors.