It is the best of times and the worst of times for the building business in the United States.
But it is not exactly a tale of two cities. It’s more a tale of cities, commercial construction, and government building, on the one hand, and private suburban houses, on the other.
Private sector spending on the construction of single-family homes rose 2 percent on in March to a seasonally adjusted annualized rate of $389.9 million, the eight consecutive monthly increase, data from the Commerce Department showed Monday. Compared with a year ago, single-family home construction spending is up 26.7 percent.
That annual gain is not boosted significantly due to the pandemic, which did not hit the housing numbers until April. In fact, we’re above the recent pre-pandemic peak of $307.2 million reached in February of 2012. In future months, however, the so-called “base effect”—measuring current numbers off