Construction spending was up in April but unfortunately missed expectations, according to the Census Bureau’s Monthly Construction Spending report…(Census Bureau)
- M-O-M: Total construction spending was up 0.2% to a seasonally adjusted annual rate of $1.744B in April.
- Y-O-Y: Construction spending was up 12.3% compared to the same time one year ago.
Total residential spending was up 0.5% to a seasonally adjusted rate of $752M and was up 18.4% when compared to April 2021…
- Single-family spending was up 0.9% month-over-month and up 19.3% year-over-year.
- Multi-family spending was 0.8% from the previous month and only up 3.1% from the same time last year.
If you were curious as to where this construction is happening Redfin’s got you covered…(Redfin)
- Austin, TX had 31.1 single-family building permits per 10,000 people in the first quarter, the most per capita of any major U.S. metro. It’s followed by Raleigh, NC (30.7), Jacksonville, FL (29.2), Nashville, TN (26.6) and Charlotte, NC (22.9).
