Construction Spending Has Continued Upward
Posted On April 2, 2014
When the economy was down the nation was building fewer homes. Now that the economy has picked up again we’re seeing a continued upward trend in terms of the number of residential properties being built, and how much contractors and homeowners are spending to build homes. In 2014, this trend is expected to climb higher than it did in 2013, which promises positive growth in many communities and for many people looking to buy or build homes.
Residential construction was up 14% for the month of December in 2014 when compared with 2013 numbers. That’s a large increase in just a single year.
- Single family spending was up a surprising 2.3% for the month of December 2014. Single family housing numbers are usually a good indicator of general economic prosperity or an upswing in the building market.
- Multifamily housing numbers went up about 1% for the month of December 2014.
- Home improvement spending actually went down about 0.4% in the month of December 2014, which could show that many homeowners are looking to upgrade their living situation to a larger house instead of remodeling their own.
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