Construction spending increased 0.5% in September to $797.5 billion, as a rise in private residential construction offset a drop in nonresidential outlays.
As the chart reflects, the the decline in nonresidential has slowed modestly while residential construction has held in a narrow range for over a year and has been affected by the tax credits for homebuyers.
Excess housing inventories are being absorbed in the new home market, but foreclosures are still an obstacle to a more permanent recovery.
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