Private residential construction spending was up 1.3% in October, rebounding from a 1.4% decline in September 2025, according to the National Association of Home Builders (Washington, D.C.).
This modest gain was primarily driven by increased spending on home improvements. Despite the increase, total spending remained 1.3% lower than a year ago, as the housing sector continued to navigate the economic uncertainty stemming from ongoing tariff concerns and elevated mortgage rates.
Based on the latest U.S. Census construction spending data, single-family construction spending declined 1.3% in October, consistent with the soft builder confidence reflected in the NAHB/Wells Fargo Housing Market Index (HMI). Compared to a year ago, single-family construction spending decreased 6.1%. Meanwhile, multifamily construction spending edged down 0.2% in October after four consecutive months of modest gains. Compared to a year earlier, multifamily spending was still down 2.8%. Improvement spending (remodeling) rose 4.5% for the month and was up 4.4% compared to a year ago.
