Construction spending sees increase in September
Posted on Thursday, November 1st, 2012 at 3:39 pm
The month of September showed the largest increase in construction spending over the past three months, despite decreases seen in business and government spending. The spending increased by 0.6 percent, raising the annual rate to $851.6, according to the Commerce Department.
For the first time since the housing market slumped in 2005, residential construction is expected to help the economic growth of the country. The housing market is just now beginning to show improvement, and residential projects rose nearly 2.8 percent.
Although residential construction is seeing an increase, private spending on nonresidential projects dropped by 0.1 percent. Public construction spending also followed this trend and dropped by nearly 0.8 percent, making this the third month in a row that this area has experienced a decrease. The decrease in projects funded by the federal government could be the reason for the overall construction spending decline.
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