March Private Residential Construction Spending Dips
In March 2025, private residential construction spending declined by 0.4%, primarily due to a 1.2% drop in home improvement expenditures. This followed five consecutive months of growth, yet the sector remained 2.8% ahead year-over-year, indicating resilience in the housing market. Single-family construction saw a modest 0.1% increase, while multifamily spending remained unchanged, and operating expenses rose 3.2%, impacting net operating income.
According to NAHB, “Spending on private nonresidential construction was up 1.6% over a year ago. The annual private nonresidential spending increase was mainly due to higher spending for the class of power ($8.7 billion), followed by the manufacturing category ($8.1 billion).”
