Construction loans at U.S. banks and thrifts increased in the first quarter to a new post-crisis high of $353.86 billion as of March 31, but still remained well below the peak of $631.36 billion reached in the first quarter of 2008.
Nonresidential construction loans grew 2% year over year to $273.66 billion as of March 31, while residential construction loans grew 5.8% to $80.20 billion.
At the end of the first quarter, $2.95 billion in construction loans were delinquent or in nonaccrual status, a 6.6% increase from the fourth quarter of 2018 and a 0.8% increase from the year-ago quarter.
Wells Fargo & Co., the largest construction lender among U.S. banks and thrifts, posted $20.47 billion in total construction loans at the end of March, almost double the amount of the next-largest lender. Wells Fargo's residential construction loans increased 3.0% quarter over quarter, while its nonresidential loans fell by 4.6%.
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