June 2, 2011 (Shirley Allen)
Private residential construction spending increased 3.1 percent to a seasonally adjusted annual rate of $232.1 billion in April 2011 compared to March according to the U.S. Census Bureau, however, overall private residential construction spending was down 12.1 percent from April 2010.
Private construction spending on new single-family homes also increased 3.1 percent from March to April at a seasonally adjusted rate of $104.6 billion. Construction spending in March was $225.0 billion. Year-over-year construction spending was down 12.8 percent with construction spending on single-family homes in April 2010 at a seasonally adjusted annual rate of $120.1 billion.
Multi-family private construction spending decreased slightly in April, by 0.1 percent, to a seasonally adjusted annual rate of $12.8 billion. Multi-family spending was down 7.6 percent compared to April 2010 which saw spending at a seasonally adjusted annual rate of $13.9 billion.
The remainder of the private residential construction spending in April, $114.6 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was an increase from $105.5 billion in March and a decrease from $130.4 billion in April of 2010.
Tags: Census Bureau, residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions