Residential Improvement Spending Down
Spending on residential improvement construction in March was at a seasonally adjusted rate of $173 billion, falling 3.1% from February and off 14.1% from the same month in 2018. After strong growth from 2013-2018, the residential construction market has dropped 20% from its peak of $216.7 billion in April 2018.
Residential improvement spending, as defined by the U.S. Census VIP survey, includes remodeling, additions and major improvements on owner-occupied housing properties. The survey does not include rental or vacant property improvements or repairs and/or maintenance. See NAHB and U.S. Census