Spending in the residential construction industry has seen its biggest year on year increase in over a decade, according to data from the US Census.
Between 2019 and 2020, spending went up by $82.3 billion. This is in stark contrast to the change the year previous which saw a decrease of $11 billion. In what has been a turbulent couple of years for many sectors, construction has not escaped from the various challenges as a result of the fallout from the pandemic. But what are the main reasons why construction spending is up?
CLICK THROUGH THE ABOVE GALLERY TO SEE five of the main factors that have played a major part in the rise.
Adam Graham is a Construction Industry Analyst at Fixr.com, a website that offers home remodeling cost-guides and connects homeowners with service professionals. He analyzes and writes about the home construction industry, interior design trends, and real estate.