Renovation Run

Despite residential construction being on the mend, its contribution to GDP is tiny. During Q1 2013, the value of new single family construction was just $157 billion, or 0.98% of GDP, while residential improvements contributed $161 billion or 1%. This was the 18th straight quarter where spending on improvements exceeded new single family construction! All residential spending totaled $424.5 billion or 2.7% of GDP, about 60% of its long-run level.

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