Wednesday, September 1, 2010

Construction Spending Down 1.0%, Non-Residential Spending Up

In July, new construction spending fell 1.0%. This was the third consecutive decline. The month’s decrease was primarily due to a 2.6% drop in private residential spending. Housing construction continued to decline in the wake of the expired homebuyer tax credit. In contrast, private non-residential spending rose 0.8%. This was the first increase since March 2009. Public sector spending, which has been volatile in recent months, fell 1.2%.

On a year-ago basis, total construction spending was 10.7% lower. Private residential spending was up 5.5%, but private non-residential spending was down 23.7%. Public sector spending was down 7.9% from a year earlier.

10.09.01 (Source: Census Bureau)

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