Nov
01

Construction Spending Rises From Its Lowest Level in a Decade

November 01, 2010

Spending on building projects around the country saw an unexpected increase in September.

Chicago Real Estate construction manThe Commerce Department on Monday reported that construction spending in September rose 0.5 percent to an annual rate of $801.7 billion.

Analysts had actually predicted that spending would fall 0.5 percent.

It’s great news, considering the 0.2 percent drop in construction spending in August brought us to our lowest point since July 2000.

Investments in home construction increased 1.8 percent in September to an annual rate of $231.7 billion after a 4.2 percent drop the previous month. In fact, it’s the first gain in four months.

Spending on government projects went up 1.3 percent in September to an annual rate of $319.7 billion, which is the highest level since July 2009.

That increase came via a 6.1 percent increase in federal spending and a mere 0.8 percent increase in spending by state and local goverments.

These may seem like some minor increases, but more importantly, they are signs that the new construction market might just be on its way back up.

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