A Census Bureau report indicated that March construction spending was up 1.4% to an adjusted annual rate of $768.9 billion. Builderonline.com’s coverage of the announcement by the Census Bureau reveals a deeper truth – that although construction spending may be up, new single-family home construction fell about 1.0% for the month.
The 2.6% improvement in private residential construction over the previous month was due almost completely to home improvements and not new construction. Multi-family new-home construction also suffered a 2.2% decline from February and was down 13.2% from the previous year.
There is some hope for improvements in the coming months in the increase of permits and starts as well as signs that the economy is continuing to add jobs.
In the meantime, however, home improvement is where it’s at.
What home improvement jobs do you have planned for this spring and summer?