The Home Buyer's Korner

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November 7th, 2015

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Construction Spending for Sep 2015

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Construction spending rose 0.6 percent in September to the highest level since March 2008, pushed up again by a surge in multifamily housing.

The Commerce Department said last week that spending on construction rose to a seasonally adjusted annual rate of $1.09 trillion. Construction of apartments and condominiums jumped 4.9 percent in September from August, while construction of single-family homes rose 1.3 percent. Overall, private residential construction rose to the highest level since January 2008, but we have to keep in mind that the construction spending report is a lagging and often revised.

The housing market has proven relatively resilient this year amid economic weakness overseas that has hurt American manufacturers and limited hiring. Commerce reported last week that private investment in housing grew at an annual pace of 6.1 percent from July through September — four times the 1.5 percent growth registered by the overall economy.

Spending on nonresidential construction slipped 0.1 percent in September, but spending on the construction of churches and other religious buildings rose 5.6 percent.

Public construction grew 0.7 percent from August. Spending on schools and other educational buildings rose 2.4 percent, and spending on water supply facilities was up 4.8 percent.

Federal construction spending fell 1 percent, the biggest decline since a 4.4 percent drop in June.

The Fed last week held off from raising interest rates from record lows, but signaled that they will be considering a move at its Dec. 15-16 meeting.

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