–Residential Spending Up 2.5% On 6.2% Rise In Remodeling,New Homes Down
By Kevin Kastner
WASHINGTON (MNI) – Spending on construction rose 0.7% in October on
a jump in private residential building, data released by the Commerce
Department Wednesday morning showed.
Private residential construction rose 2.5% in October, though
single-family construction fell 1.2%, offset by a 3.2% rise in the small
multi-family building. As a result, total new home construction was down
0.7% in October.
However, home remodeling activity surged 6.2% in the month, a
Market News International calculation shows. All measures of residential
construction were down from a year earlier.
Private nonresidential construction fell 0.7% in October on
declines in almost every category, with only spending on power and
transportation construction up.
Public construction rose 0.4%, with federal construction spending
rising 0.9% in October to a record high level. The larger state and
local government category was up 0.4% in the month.
September construction spending was revised up slightly to a $797.1
billion level, or a 0.7% rise from August, compared with the previously
reported 0.5% rise. However, August construction was revised down to a
0.9% increase from the previously reported 0.2% drop.
Analysts in a Market News International survey had expected
construction spending to fall 0.4% in October, with forecasts in a wide
range from a 0.8% decline to a 0.4% rise.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
