The NAHB analysis of Census Construction Spending reported a 1.1 increase in total private residential construction spending in December 2021. November 2021 also reported an increase of 0.7%, in fact, total private residential construction spending was 15% higher than reported at the same time last year. Spending was reported at a seasonally adjusted annual rate of $810.3 billion.
The growth rates are due to the solid growth of spending on single-family and multifamily construction. Monthly gains in single-family construction rose 2.1% to a $435 billion annual pace in December 2021. As for multifamily construction, there was a 0.4% increase in December 2021. Spending was a little down because of the supply chain issues and labor shortages.
Private nonresidential construction spending stayed steady during December 2021. The data shows that the spending was 9.1% higher than a year ago. As far as the separate spending in each category was $0.49 billion in office, $0.4 billion in amusement and recreation and $0.37 billion in lodging.
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