The Census Bureau’s report on construction spending indicated that the value of multifamily residential construction put in place in April fell again. However, unlike in recent reports where revisions were to the downside, the previous month’s reported spending level was revised higher. As a result, the reported multifamily construction spending level for April was higher than the preliminary level for March reported last month. Spending on single-family residential construction was reported to fall 1.13 percent while spending on improvements was down 0.8 percent.
The value of total private residential construction put in place in April 2025 was reported to be $892.8 billion on a seasonally adjusted, annualized basis. This figure, which includes spending on both new construction and improvements, was reported to be down $7.85 billion month-over-month. In addition, the figures for the prior two months were each revised lower by over $30 billion. Residential construction spending in April was reported to be down 4.8 percent year-over-year.
Multifamily construction spending revised higher
The value of new private construction of multifamily residential buildings put in place in April was reported to be $115.9 billion on a seasonally adjusted, annualized basis. This was down $107 million from the revised (+$536 million) level for March. The reported value of multifamily construction spending in April was 11.3 percent lower than the level of April 2024.
The first chart shows the difference between the levels of multifamily construction put in place reported for the last two months and the levels reported this month. While revisions to the reported spending levels last month reduced the apparent spending levels, data revisions in this month’s report increased them. For example, February’s initial report of $116.2 billion in completions was revised down to $115.5 billion in last month’s report but raised to $115.9 billion in this month’s report.
For reference, the Census Bureau’s New Residential Construction report said the number of unit completions in buildings with 5 or more units rose slightly in April from the revised level of the month before. April completions were up 0.2 percent. Completions were down 1.7 percent from their year-earlier level.
The value of new single-family residential construction put in place in April was $434.1 billion on a seasonally adjusted, annualized basis. This was down $4.93 billion from the revised (-$2.38 billion) level for March and was down 2.2 percent year-over-year.
Governments were reported to have put $11.8 billion in residential construction in place in April on a seasonally adjusted annualized basis.
The value of improvements to residential buildings put in place in April was reported to be $347.4 billion on a seasonally adjusted, annualized basis. This was down $2.81 billion from the revised (-$35.17 billion) level for March and was down $20.20 billion from the year-earlier level. The Census Bureau does not separate out improvements for single-family and multifamily residential buildings.
Long-term trends
The following chart shows the value of residential construction put in place each month since January 2017. It also shows the trend line for single-family and multifamily residential construction based on growth in construction volume during the period from January 2012 to July 2018.
The chart shows that the value of multifamily residential construction put in place is now lagging behind its earlier trend line by the largest amount seen over the period shown.
While lagging its earlier trend, the value of single-family construction put in place had been rising in parallel with it. However, the latest figures show a dip in single-family construction spending.
The value of improvements put in place now looks like it is on a downward path based on current data.
The report from the Census Bureau also includes information on spending on other types of construction projects. The full current report can be found here.
