Posting an 8.7 percent gain from September of 2017 to September of this year, multi-family construction continues to lead the way in new home building, accounting for a total of $64.2 billion in new project work.
That 8.7 percent figure represents the largest monthly gain in multi-family building since September of 2010.
Those numbers, compiled by the National Association of Home Builders using U.S. Census Construction Spending data, represent a fragment of what continues to be a healthy home building market heading into late 2018.
According to the NAHB figures, overall residential construction saw a 0.6 percent gain in September, an upward trend after a decline of 0.4 percent in August.
A lower increase was seen in the remodeling segment, which increased by 0.1 percent.
Despite the presence of a continuing strong market, the NAHB says that the industry remains challenged by the same lack of workers that is affecting other building trades, the amount of available land, and construction equipment and supply volatility.
Overall construction spending, according to the NAHB, has been on the upswing, with a few minor variations, since 2010.
The upward trend line has shown the most growth in multi-family construction, followed by single-family work. Less volatile has been the improvement market, which has remained somewhat steady throughout both the recession and post-recession years.
By Garry Boulard
