Posted on | December 3, 2012 |
A crane loads materials at the Banning Justice Center in October.
Despite the collective dread the economic world is fostering over the fiscal cliff, construction spending is continuing to rise. And, that does not even include the wild card that is Superstorm Sandy.
The Associated General Contractors of America, a lobbying group for the private construction industry, reported that spending on construction projects increased in October and is now at a 37-month high. The levels, while growing, are still below pre-recession levels.
Spending in October rose for the seventh straight month and were 1.4 percent higher than September?s upwardly revised total and 9.6 percent ahead of October 2011. One of the most encouraging numbers is that spending on single-family residential construction is at its highest point in about four years. Construction spending on multifamily housing was especially strong, up 53 percent in the last 12 months.
Construction spending on non-residential categories was a little spotty, however. Commercial construction, including retail, agricultural and energy projects, were all up. Factory construction slowed down in October but is still up year-over-year.
Also, the public sector, which has been weak all year, showed a small gain in October in the education category.
Despite the not-so-bad health of the sector, the AGC group called for a resolution of the Washington D.C. budget standoff, saying it?s needed to keep the momentum going and keep people working. Also, they said it is vital to keep the money flowing because there?s a lot of Sandy-related rebuilding to do on the East Coast, in virtually every sector.
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Source: http://blog.pe.com/economy/2012/12/03/industry-construction-spending-rises-in-october/
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