Construction Spending Spikes in the US with Multifamily Gains

Posted on Nov 2 2015 - 5:46pm by Brandon De Hoyos

Construction apartment building(WASHINGTON)— New multifamily real estate projects has spurred growth in construction spending for the 10th consecutive month in the United States.

The Commerce Department says construction spending rose 0.6 percent between August and September to $1.094 trillion, the highest level since March 2008.

September’s spending on construction is also 14.1 percent higher than totals recorded in the same month last year.

The rise in multifamily spending coincides with the Dodge 2016 Construction Outlook, which predicts the sector will grow 13 percent this year and 5 percent in 2016 before multifamily reaches its peak, Construction Dive reports.

Private residential construction surged 1.9 percent as multifamily led the gains with a 4.9 percent rise from August.

Single family home construction rose 1.3 percent.