If you’re building or renovating a home in the U.S. these days, you’ve got plenty of company.
Bloomberg reports Americans’ spending on residential construction projects—from the pouring of foundations to home improvement—just hammered out its strongest three-month period since 1994.
Solid job growth, low borrowing costs and a recovery in home equity since the market crash a decade ago are generating momentum, Bloomberg reports. The investment also has its roots in more than favorable conditions for building across the U.S.: The the first four months of 2017 were the second-warmest on record, according to the National Oceanic and Atmospheric Administration.
Home sales continue to mount, albeit unevenly, and there are more single-family houses under construction now than at any time since mid-2008.
What’s more, Americans are spending more on home improvements. While a report Thursday from the Commerce Department showed a 2.9% drop in April outlays for improvements from the prior month, such spending was still 32.3% higher than it was a year ago. That’s the strongest advance since January 2000.
