Hardware Retailing The Industry's Source for Insights and Information
Private residential construction spending increased by 0.8% in August, primarily driven by more spending on multifamily construction and home remodeling, according to the National Association of Home Builders (NAHB).
Total residential spending was down 2% year over year as the housing sector continues to navigate the economic uncertainty amid ongoing tariff concerns and high mortgage rates. The latest U.S. Census construction spending data reported a 0.4% decrease in single-family home construction in August, down from August 2024. The Census also reported an 8.2% increase in improvement spending, 1.3% lower than last year.
Strong homeowner equity and persistent demand for home improvements have kept the remodeling sector afloat. Meanwhile, multifamily construction spending rose 0.2% in August, flipping the downward trend that began in mid-2023.
