Jun
01

Construction Activity Saw Largest Increase in Almost 10 Years

June 01, 2010

The hardest-hit sector of the real estate industry is showing signs of improvement.

Chicago Real EstateThe U.S. Census Bureau of the Department of Commerce on Tuesday announced that construction spending throughout the nation in April 2010 rose by 2.7 percent to an annual rate of $869.1 billion compared to March.

That’s the largest one-month increase since August 2000. To put it into perspective: Spending in March rose only 0.4 percent over February.

Home-construction activity in April did even better, jumping 4.4 percent over the previous month to $263 billion. And, that’s following a measly 0.1 percent increase in March.

The economy has been reeling from its worst recession since the 1930s, and as of late, the real estate market has been slowly showing signs of recovery. Of course, April was the deadline for the Federal Home Buyer Tax Credit. Now that it has expired, numbers in May and beyond will be the real testament as to whether the real estate industry is building back up.

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