The great American housing reawakening continued to blossom in April, pushing house construction spending higher even as overall construction spending grew more slowly than expected.
Private sector spending on the construction of new single-family homes rose 1.3 percent on in March to a seasonally adjusted annualized rate of $396.3 million, the 11th consecutive monthly increase, data from the Commerce Department showed Tuesday. Compared with February of 2020, the last month before construction was hit by pandemic shutdowns, spending is up 29.8 percent.
Compared with a year ago, when construction spending dropped suddenly, new house construction spending is up 39.6 percent.
Total construction spending rose just two-tenths of a percentage point, falling short of expectations for three times as much growth. But the prior month was revised up to one percent growth from just two-tenths.
Compared with February 2020, construction spending is up 11.5 percent. But that gain is