Total private residential construction spending rose 0.2% month over month in May to a seasonally adjusted annual rate of $751.7 billion, the National Association of Home Builders reported, citing U.S. Census data.
Year over year, total private residential construction spending was up 28.7%, the NAHB said in a news release.
The association attributed the monthly gains to the strong growth of single-family construction spending, which rose to a $402.3 billion annual rate in May, up 0.8% over April and 46.1% on a year-over-year basis.
Multifamily construction spending was flat month over month at a $99.3 billion annual pace and up 25.6% compared to a year ago. Spending on improvements declined 0.6% in May after staying flat in April.
Private nonresidential construction spending declined 1.1% on a monthly basis to a seasonally adjusted annual rate of $451.6 billion in May. Year over year, it was down 5.8%.
The NAHB said the largest contribution to the month-over-month decrease was made by declines in the manufacturing sector ($2.0 billion), followed by power ($1.7 billion) and lodging ($700 million).