Markets & Economy

Investments in new residential projects drive construction sector

Multifamily spending rises nearly 24 percent from revised 2014 estimate

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Enjoy the Connect experience from your computer, laptop or tablet! Watch Connect now. Takeaways: Construction spending in the U.S. rose by 12 percent on a year-over-year basis in June, and the residential sector was responsible for the uptick. Multifamily spending, on an annual basis, rose 23.7 percent from its revised 2014 estimate. Total residential spending in June increased a slight 0.4 percent from May but climbed 12 percent year over year. Overall construction spending in the U.S. rose by 12 percent on a year-over-year basis in June, and the residential sector was responsible for the uptick. According to the U.S. Census Bureau, total residential spending in June increased a slight 0.4 percent from May but climbed 12 percent year over year. Digging deeper, the National Association of Home Builders reported that multifamily spending on an annual basis rose 23.7 percent from its revised 2014 estimate. Spending on single-family construction was 12.8 perce...