NAHB analysis of Census Construction Spending data shows that total private residential construction spending grew 1.6% in October to a seasonally adjusted annual rate of $472.9 billion.

Multifamily construction spending continued its record breaking pace and reached $63.7 billion, up by 2.8% over the revised September estimates. It was 11.4% higher since October 2015. Single-family construction spending also increased by 2.8% monthly, which is the first monthly gain ever since February 2016. However, single-family spending still slipped down by 1.6% over a year ago. Home improvements slightly dipped 0.6% over the upwardly revised September estimates. On a year-over-year basis, spending on home improvements increased by 13.0%.

Read more at NAHB Eye On Housing