According to the latest report from the U.S. Census Bureau, residential construction increased in September 2015 while construction as a whole remained relatively unchanged.
The seasonally adjusted annual rate for new construction in September was $1.09 trillion, an increase of 0.6 percent over the previous month and an increase of 14.1 percent over the prior year. The non-adjusted amount for the month was $102.1 billion, up from $101.3 billion in August.
In the private sector, total construction in September was at the seasonally adjusted rate of $794.2 billion, which is also an increase of 0.6 percent over August but 16 percent over the previous year. Looking at the non-adjusted amounts, year-to-date spending on private construction was up by 12.2 percent compared to last year.
Residential construction in the private sector rose by 1.9 percent since August, bringing the annual rate to $394.7 billion, which is an increase of 17.1 percent for the year. The non-adjusted amount for private, residential construction during September was $36.8 billion, and for the year, the total was $282.3 billion for an annual gain of 12.2 percent.
The annual rate for single-family construction in September was $222.2 billion for a month-to-month increase of 1.3 percent and an annual increase of 12.7 percent. The non-adjusted amount for single-family homes was $20.7 billion for the month and $160.7 billion for the year, representing an annual gain of 13.8 percent.
Multi-family construction was at $56.7 billion, up by 4.9 percent for the month and up by 26.7 percent for the year. The non-adjusted amount of multi-family construction was $4.8 billion for September and $38.1 billion for the year, an increase of 25.1 percent.
