Despite the high demand for houses, Record material costs are clearly putting downward pressure on home construction. Single-family spending saw a tiny increase but spending across the board was down in February according to The Census Bureau. (CB)
- New single-family construction spending was the only number in positive territory. Spending was up 0.1% month-over-month and was up 20.9% compared to February 2020.
- New multi-family construction spending was down 1.4% month-over-month but was up 14.6% compared to February 2020
Overall, total construction spending fell 0.8% compared to the revised January estimate of $1,529.0 billion. However, spending was up 5.3% when compared to February 2020.
- Commercial construction spending was down 1.0% month-over-month and was down 9.7% compared to February 2020.
