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.

Podcasts

Don't underestimate the value of a good Internet marketing plan. In fact, if you do this right, it's not uncommon to see ROI along the lines of 30-to-1. Here's a look at 27 free and low-cost tips that you can begin implementing within your cleaning business today to drive more business.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 August

The August issue of ICS features stories on carpet mold, good training, marketing for cleaners, traffic lane cleaning, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

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

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

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

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo