Wednesday, December 1, 2010

Construction Spending Up 0.7% - Residential, Public Spending Rise

In October, new construction spending rose 0.7%. This was the second monthly increase following significant declines in the prior two months. The month’s increase was primarily driven by a 2.5% increase in residential spending. Housing construction fell off heavily in the wake of the homebuyer tax credit expiring. The past two months, spending has recovered somewhat from that low. From a year prior, residential spending was down 9.2% from a year prior, while total construction spending was down 9.3%.

Private non-residential spending fell 0.7% after two months of modest increases. From a year prior, spending was down 20.7%. Public sector spending rose 0.4% over the month and was up 2.2% from a year earlier.

50 = expansionNovOctSepAugJulJun
Activity Index56.656.954.456.355.556.2
    New Orders56.658.951.153.153.558.5
        Export Orders57.060.554.555.556.556.0
    Backlogged Orders46.046.046.551.554.557.0

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