The Census Bureau’s report on construction spending stated that the value of multifamily residential construction put in place in June rose slightly from the revised level of the month before. Spending on single-family residential construction was reported to fall 1.8 percent while spending on improvements was up 0.5 percent.
The value of total private residential construction put in place in June 2025 was reported to be $883.1 billion on a seasonally adjusted, annualized basis. This figure, which includes spending on both new construction and improvements, was reported to be down $6.01 billion month-over-month. Residential construction spending in June was reported to be down 6.2 percent year-over-year.
Multifamily construction spending revised lower
The value of new private construction of multifamily residential buildings put in place in June was reported to be $114.5 billion on a seasonally adjusted, annualized basis. This was up $29 million (0.03 percent) from the revised (-$577 million) level of the month before. The reported value of multifamily housing construction put in place in June was down 9.5 percent year-over-year.
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. Note that the data from 2 months ago was reported prior to the revisions the Census Bureau made to seasonal adjustment factors last month. The latest data indicates that the value of multifamily construction put in place fell in April and May before rising marginally in June.
For reference, the Census Bureau’s New Residential Construction report said the number of unit completions in buildings with 5 or more units fell sharply in June from the revised level of the month before. June completions were down 21 percent for the month. Completions were down 40 percent from their year-earlier level.
The value of new single-family residential construction put in place in June was $412.9 billion on a seasonally adjusted, annualized basis. This was down $7.68 billion from the revised (-$651 million) level for May and was down 5.3 percent year-over-year.
Governments were reported to have put $12.0 billion in residential construction in place in June on a seasonally adjusted annualized basis.
The value of improvements to residential buildings put in place in June was reported to be $355.7 billion on a seasonally adjusted, annualized basis. This was up $1.64 billion from the revised level for May but was down $23.04 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 lines for single-family and multifamily residential construction based on growth in construction spending during the period from January 2012 to July 2018.
The chart shows that the value of multifamily residential construction put in place has been nearly flat in recent months. It continues to fall behind its earlier trend line.
The value of single-family construction put in place has been falling sharply in recent months. It is well below its earlier trend line.
The value of improvements put in place had been falling but it moved higher this month.
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.
