Friday, March 9, 2012

Construction Spending Gyrations Continue

Commerce Deartment figures released last week show construction spending in the United States down 0.1% overall, with sharp downturns in factory, hotel and power plant construction. A deep decline in federal government construction spending was partly offset by increases in state and local government construction outlays.

Residential building rose 1.8%, led by considerable gains in single family home construction.  The current pace of overall construction spending remains 32% lower than it was at the height of the housing construction boom.

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