In the most recent NAHB analysis of Census Construction Spending, private residential construction spending saw an increase of 3.1% in December 2020 to a seasonally adjusted annual rate of $691 billion. Year-over-year, this is a 20.7% increase.
“The monthly gains are largely attributed to the strong growth of spending on single-family and improvements,” said the article by Na Zhao at NAHB. Single-family construction spending rose to a $365.0 billion annual pace in December, up by 5.8%. It was 20.7% up from December 2020. This is in line with the strong readings of single-family housing starts.”