Skip to main content

Residential Projects Fuel Construction Spending Increases

Phil Hall
Apr 05, 2017
Construction spending in February totaled $1.192 trillion at a seasonally adjusted annual rate

Construction spending in February totaled $1.192 trillion at a seasonally adjusted annual rate, according to data released by Associated General Contractors of America. February’s spending level was up 0.8 percent from the month before and three percent higher than the February 2016 level.
 
Private residential construction spending rose by 1.8 percent between January and February and took a 6.4 percent year-over-year leap. Spending on multifamily residential construction increased two percent for the month and 10.6 percent year-over-year, while single-family spending saw a 1.2 percent rise for the month and a 3.4 percent ascension from a year earlier. In comparison, private nonresidential construction spending declined 0.3 percent for the month, but was 7.5 percent higher year-over-year.
 
“While the overall market for construction continues to expand, public investments remain down for the year and private nonresidential activity could be much stronger,” said Ken Simonson, the association’s chief economist. “Two factors that are clearly holding back construction demand are relatively high effective tax rates for many businesses and uncertainty about future demand for public infrastructure upgrades.”
Published
Apr 05, 2017
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021