New Homes Are On The Rise
The housing market is booming and new home construction is benefiting. NAHB reports that private residential construction spending has increased. This increase is across the bo
ard from single family to multi-family homes.
Mulit-family accounts for $64.2 billion which attributes to the majority of the increase. Single family was shown to also hold a steady growth with a 0.9 percent increase in the third quarter of 2018.
The Census Construction Spending data details this strong growth which is from 2010 to April 2017. The rise in construction spending comes from the high spending on multi-family. The annual nonresidential spending increase was based on class of power 
which totaled $8 billion, office comes next at $7.6 billion and last is lodging totaling $4.2 billion.
There was a 1.2% gain over the past four quarters for housing starts. For the third quarter of 2018, there were 54,000 total custom starts and over the last four quarters custom housing starts totaled 175,000. The data also concludes that spending on private nonresidential construction increased 8.9 percent which is an annual rate of $463.9 billion.
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