October 4, 2012
*Eye on the Economy is an NAHB newsletter that is published every two weeks and takes a larger view of recent economic and housing policy news.
Residential construction spending continued to rise in August, supporting jobs and economic activity as housing continued to improve. Private residential construction spending increased 0.9% on a month-to-month basis and has now risen nearly 18% since August 2011.
Spending on new single-family homes jumped 2.8% and has registered gains in 14 of the last 15 months. Compared to the low that was observed in the second quarter of 2009, single-family spending activity has rebounded approximately 44%.
Multifamily construction has staged the strongest rebound over the past year, and that trend continued into August as spending climbed 3.7%. After bottoming out two years ago, spending on new multifamily housing has surged more than 76%.

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