The Census Bureau reported on Monday that U.S. construction spending edged down 0.6 percent in August compared with July, with both private and public construction spending off a bit. Compared with the August 2011, however, construction spending was still up by 6.5 percent, with private construction projects accounting for all of the gain (up 12.1 percent year-over-year), while public construction spending was down 3.5 percent.
Construction spending rose in September in only a handful of sectors, such as private residential projects, which gained 0.6 percent for the month. But private residential construction but was up 16.1 percent for the year, reflecting the partial recovery of the housing market. New single-family construction was up year-over-year by 20.8 percent, while multifamily construction gained a whopping 44.8 percent on an annual basis. Also, hotel and motel construction didn’t change much for the month (down 0.3 percent), but the sector has seen a large spike (up 30.3 percent) since August of last year, as developers are eager to get projects out of the ground.
Read more...Economy Watch: Construction Spending Drops Slightly | Multi-Housing News Online
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