The End of 2021 Saw Gains For Private Residential Spending
The National Association of Homebuilders’ Census Construction Spending reported that the total private residential construction spending jumped 1.1% at the end of 2021. In December 2021 spending was at an adjusted annual rate of $810.3 billion with a total that was 15% higher than in December 2020.
Single-family construction spending rose to a $435 billion annual pace which was up 2.1%. Multi-family constructions spending rose 0.4% but was hurt a little due to supply chain issues. In fact, home building is still facing supply chain issues and labor shortages.
Private non-residential spending stayed the same towards the end of 2021. December saw a rise from November 2021 which was 9.1% high than a year ago. The largest month-over-month nonresidential spending increase was made by the class of office ($0.49 billion), followed by amusement and recreation ($0.4 billion), and class of lodging ($0.37 billion).
