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Tag Archives: Private Construction

Construction Spending Ticks Up; Residential Activity Stumbles

The Department of Commerce reported Tuesday that construction spending throughout February came to an estimated seasonally adjusted annual rate of $945.7 billion, a 0.1 percent climb from a downwardly revised level of $944.6 billion in January. Year-over-year, February spending was up 8.7 percent. Between both private and public projects, residential construction spending was at an estimated rate of $365.2 billion, down 0.7 percent from January.

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January Construction Spending Beats Forecast

The government’s latest report shows spending on all construction projects was up 0.1 percent from December, coming to an estimated seasonally adjusted annual rate of $943.1 billion. That figure is 9.3 percent ahead of January 2013’s estimate of $863.1 billion. Economists polled by Reuters had expected a 0.5 percent decline in spending to follow December’s originally reported 0.1 percent improvement.

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Unemployment Rate Dips as August Payrolls Increase 169K

Unemployment

The nation's economy added 169,000 jobs in August as the unemployment rate fell to 7.3 percent, the lowest level since December 2008, the Bureau of Labor Statistics (BLS) reported Friday. Economists had forecast payrolls would grow by 180,000 and that the unemployment rate would remain at July's 7.4 percent.

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Builder Confidence Surges Again in July

After surging in June, the National Association of Home Builders' (NAHB) Housing Market Index (HMI)--a measure of builder confidence--shot up again in July, climbing six points to 57, its highest reading since January 2006, the group reported Tuesday. The two-month 13-point gain was the strongest two-month increase since January-February 1992, when the index improved 14 points. All three of the HMI components increased for the third month in a row.

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New Home Price Hits Record High in April as Sales Inch Up

The price of a new single-family home soared to a record high in April as sales jumped 2.3 percent to a seasonally adjusted annual rate of 454,000, the Census Bureau and HUD reported Thursday. Economists surveyed by Bloomberg expected April sales to increase to 425,000 from March's originally reported 417,000. March sales were revised to 444,000. The median price of a new home, according to the Census/HUD report, soared $20,900 (8.3 percent) in April to $271,600, the highest price on record.

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Builder Confidence Slips in February, South Leads Declines

Led by a sharp drop in the South, builder confidence slipped in February to 46--the lowest level since November--the National Association of Home Builders (NAHB) reported Tuesday. Economists had expected the Housing Market Index (HMI), a measure of confidence, would improve to 48 from January's reading of 47. Nationally, two of the three index components--current single-family sales and buyer traffic--declined, while the assessment of sales for the next six months edged up.

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Jobless Rate Drops to 4-Year Low

Unemployment

Superstorm Sandy blew a hole not in the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós labor market, but in economists├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó crystal balls as the economy added 146,000 jobs and the unemployment rate fell to 7.7 percent--the lowest level since December 2008--the Bureau of Labor Statistics reported Friday.

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October Construction Spending Up 9.6% Year-Over-Year

Construction spending during October was at a seasonally adjusted annualized rate of $872.1 billion, according to an estimate from the Census Bureau. Spending on private construction was at an annual rate of $592.1 billion in October, up about $9.4 billion (1.6 percent) from September's revised $582.7 billion. Spending on homebuilding made up a little less than half of that total, reaching an annual rate of $294.2 billion (up 3.0 percent from September and 20.8 percent from October 2011).

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