Home Construction Spending Still on the Rise

Home Construction Spending Still on the RiseAccording to government data, private construction spending to build new homes increased in April.

The value of home construction to build new single-family homes rose by 1.4% in April while spending to build condominiums increased by 3.4%. Daniel Silver, an economist at J.P. Morgan, wrote in a research note:

“New residential construction grew at a solid pace through April as the housing market continued to recover.”

Essentially, the significant increase marks an indication of a housing market that continued to rebound over the past year. As for this year, economists hope that home construction will continue to be an important economic driver.

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