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Free AccessREPEAT:MNI DATA ANALYSIS: US Sept Construction Spending +0.3%>
Repeats Story Initially Transmitted at 14:00 GMT Nov 1/10:00 EST Nov 1
--Residential Excluding New Homes Down 0.6%
--Total Private Spending Fell 0.4%; Public Up 2.6%
--August Construction Rev Down To 0.1%; July Revised Up To -0.9%
By Sara Haire and Holly Stokes
WASHINGTON (MNI) - Construction spending was up 0.3% in September,
with a 0.4% decrease in private construction and a larger 2.6% increase
in public construction, data released by the Commerce Department
Wednesday morning showed.
Analysts had expected construction spending to be unchanged after a
positive 0.5% reading for August. With the latest data, August
construction was revised down to a 0.1% increase, while July spending
was revised up slightly to 0.9% decrease from the 1.2% decline
previously reported.
Private residential construction spending was flat in the month,
with new home building rising 0.3% based on an MNI calculation.
Single-family building rose 0.2%, while multi-family building saw a
larger 0.6% gain from August. Residential construction excluding new
homes, which captures remodelling was down 0.6% and up 9.6%
year-over-year.
Private nonresidential construction was down 0.8% in September.
There were increases in lodging, health care, education, and
transportation that were offset by a large decline in manufacturing
(3.6%), office, commercial, religious, amusement and recreation,
communication, and power.
Public construction saw an increase of 2.6% in September, following
a 0.7% rise in August. There were significant percentage gains in power
and conservation and development, potentially due to hurricane recovery
efforts. State and local government spending, the much larger portion of
public construction, was up 2.5% after a 1.0% increase in August, while
Federal government construction saw a rise of 3.4% in September after a
2.4% fall in August.
** MNI Washington Bureau: 202-371-2121 **
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.