Thursday, August 5, 2010

Construction Spending Rises in June

As reported in Realtor.Mag,

"Overall construction spending rose in June, driven by record government spending, the U.S. Department of Commerce reported.

"Spending on single-family residential structures declined 0.7% in June, the first time that number has gone down in a year.

"Funding for public construction increased 1.5% in June, with most of the money spent on power, sewage, and waste disposal plants. Federal building rose 4.6% to $31.7 billion, the highest spending on record.

“'Support to construction spending via new homes should continue to remain dampened in the coming months,' Maxwell Clarke, chief U.S. economist at IDEAglobal Inc. in New York, said in a note to clients before the report from Commerce. 'Ongoing difficulty of accessing capital for speculative commercial real estate ventures will continue to act as a deadweight in the overall construction measure.'”

For information on new home developments in Mercer County, NJ, call or email so you can find your new home while the weather is good for looking.

Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist

Source: Bloomberg, Courtney Schlisserman (08/02/2010)

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