Construction spending fell again in October
Portland Business Journal
U.S. construction spending continued to fall in October, signaling more weakness in the housing market and the economy as a whole.
The U.S. Commerce Department reported Monday that construction spending dropped by 1.2 percent in October, much more than the 0.9 percent many analysts expected.
The construction weakness was led by another major drop in home building, which has fallen in all but two of the past 30 months. Housing construction fell by 3.5 percent in October, following a 0.5 percent drop in September.
The Commerce Department report also showed nonresidential construction dropped by 0.7 percent in October, the third decline in the past four months.
Government building projects showed strength in October, rising by 0.7 percent. State and local construction was up 0.3 percent, while federal construction activity increased by 5.5 percent from September.
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