–New Residential Building Up 0.4%, Remodeling Up 6.7%
–Private Construction Level $518.6 Billion Highest Since January 2010
–Nonresidential Construction Up 1.3% To Highest Since December 2009
–Public Construction Down 1.8% On Both Federal and State and Local
By Kevin Kastner
WASHINGTON (MNI) – Spending on construction rose 0.8% in October,
slightly above expectations, with a sharp rise in private construction
more than offsetting a public construction decline, data released by the
Commerce Department Thursday morning showed.
Analysts in a Market News International survey had expected
construction spending to rise 0.5% in October. Construction in September
was still up 0.2%, as previously reported, but the August increase was
revised up to a 2.2% rise from the previously report 1.6% increase.
Private residential construction rose 3.4% in October, with
single-family construction up 0.6%, but multi-family building down 0.8%.
As a result, total new home construction was up 0.4% in October.
Home remodeling activity jumped 6.7% in the month after 1.5%
increase in September, a Market News International calculation shows.
Private nonresidential construction rose 1.3% in October, with most
of the key sectors posting increases. The main exception was a 0.4%
decline in manufacturing construction. The level of nonresidential
construction, which reached $279.6 billion in October, was the highest
since December 2009.
Public construction fell 1.8% in the month, with Federal government
construction spending down 5.0% to $26.4 billion, the lowest level since
May 2009. State and Local government construction fell 1.4% after solid
increases in the last two months.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
