Multifamily construction spending continued its record breaking pace to a seasonally adjusted annual rate of $64.5 billion. It increased by 2.0% over the revised January estimates and was 10.7% higher since one year ago. Single-family construction spending also increased by 1.2%, continuing its steady growth since October 2016. Home improvements rose by 2.7% over the downwardly revised January estimates. On a year-over-year basis, spending on home improvements increased by 9.6%. The momentum has continued to increase for the past 5 years.
All these factors bode well for multifamily property development and the opportunity for insurance brokers to expand their footprint in this segment. Insuring these properties requires a level of expertise in understanding liabilities and opportunities to mitigate risk. We can provide you with the insurance programs to do so. Our property insurance program offers flood and earthquake insurance as well. Imagine LPH also provides benefits and wellness programs for the multi-housing developers.
We don’t believe that one sizes fits all. We listen your needs, and provide custom solutions for risk management. Our current clients include single projects and multi-state development footprints.
Sources:NAHB analysis of Census Construction Spending