Cleaning & Restoration Breaking News

Construction spending posts gain

December 5, 2001
/ Print / Reprints /
ShareMore
/ Text Size+
U.S. construction projects advance 1.9 percent in October, the biggest monthly gain since January.

WASHINGTON -- The U.S. Commerce Department reports that spending on construction projects, which had posted five consecutive monthly declines, advanced by 1.9 percent in October, the biggest monthly gain since January.

The increase, which pushed building activity up to a seasonally adjusted annual rate of $863.5 billion, was far better than analysts had been expecting.

Analysts had anticipated that construction might continue its decline, which began in May and reflected a cooling U.S. economy. In September, construction spending had dropped by 0.7 percent following a 0.5 percent August decline.

The rebound in activity was widespread, with spending for new homes, apartments, office buildings and government projects all showing increases in October. The aggressive credit easing by the Federal Reserve, which began in January, has been credited with keeping construction activity from suffering as much as the rest of the economy during the current recession, the nation's first downturn in 10 years.

The 1.9 percent increase in October was the biggest monthly advance since a 2.5 percent rise in January. Spending for residential projects rose 1.3 percent to an annual rate of $398.6 billion following a 0.9 percent drop in September. The increase reflected gains in spending for single-family homes and apartments.

Spending on nonresidential projects was up 1.8 percent to an annual rate of $199.6 billion after a 2.8 percent September decline. Construction of office buildings posted a 4.5 percent rise, helping to offset declines in spending on new factories and hotels.

Government building projects recorded a 3.4 percent hike in October, posting a record annual rate of $205.2 billion following a 2.9 percent increase in activity the previous month. The gains in the government sector included a strong 9.9 percent jump in school construction.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.

Podcasts

While winter is considered the "slow season" for carpet cleaners, it can also be a season of great opportunity. In this episode of The Hitman Advertising Show, John Braun offers advice for keeping revenue consistent during the cold weather months so you're thriving - and not just surviving - the winter.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.png

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view