Construction spending up 0.9% in May on surge in homebuilding

Spending In April was revised up from a flat reading to a small gain of 0.4%.The weakness in May was widespread with spending on single-family homes and apartments down 0.6% while nonresidential construction fell 0.9%.

The 0.9% drop in government construction projects was the first decline in five months. Spending by state and local governments fell 0.6% while construction spending by the federal government was.

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Spending in April was revised up from a flat reading to a small gain of 0.4%. The weakness in May was widespread with spending on single-family homes and apartments down 0.6% while nonresidential construction fell 0.9%. Spending on government projects also dropped 0.9%, led by a decline in construction spending by the federal government.

CoreLogic: 10.4 million mortgages still in negative equity And despite Arizona’s housing rebound in 2012, 34.9% of properties with a mortgage in the state are underwater. Georgia and Michigan also have negative equity rates of 31.9% and 33.8%, respectively.

A surge in homebuilding pushed construction spending up 0.9% in May, the largest amount in five months, further indication that the housing sector is slowly recovering. Construction spending reached a seasonally adjusted annual rate of $830 billion – 11.3% above the 12-year low hit in February of last year, according to numbers released.

Spending on U.S. construction projects climbed more than forecast in December, showing the housing industry is sustaining gains that may lift the economy. Outlays rose 0.9 percent to a $. December.

Homebuilders and REITs dipped for the second consecutive week, pressured by the sudden surge. not only new home building but also remodeling and repairs. The solid labor market data suggests that.

Spending In April was revised up from a flat reading to a small gain of 0.4%. The weakness in May was widespread with spending on single-family homes and apartments down 0.6% while nonresidential construction fell 0.9%. Spending on government projects also dropped 0.9%, led by a decline in construction spending by the federal government.

The Commerce Department reported Monday that spending fell 0.8% in May, the first decline since a 1.3% drop in November, to a seasonally adjusted annual rate of $1.29 trillion.

The 0.9% drop in government construction projects was the first decline in five months. Spending by state and local governments fell 0.6% while construction spending by the federal government was.

Spending on U.S. construction projects rose 0.1% in June, well below forecast. economists polled by MarketWatch had expected a 0.8% increase. Yet the increase in spending in May was revised up sharply.

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