October New Construction Spending Up 13% Year Over Year

  • Annually, the pace of multifamily spending rose 28% from the October 2014 estimate, and spending on single-family construction was 11% higher.
  • Construction spending in October was buoyed by a 0.8 percent rise in private spending, which touched its highest level since January 2008.
  • Construction spending has increased 13 percent in the past 12 months.
  • Single-family construction was up 1.6 percent to $226 billion while apartment construction rose 1.4 percent to $58 billion.
  • Construction spending has risen every month this year and is likely to support the economy in the final three months of the year as it deals with the strong dollar and energy cuts.