ADVERTISEMENT
Construction Spending Soars to Record in September11-19-03 | News
img
 
WASHINGTON D.C. ?EUR??,,????'??+ The value of construction put in place soared to a third straight record in September at a seasonally adjusted annual rate, according to the Census Bureau. The $911 billion rate was 1.3 percent above the revised August total and 6.5 percent ahead of September 2002 ?EUR??,,????'??Construction put in place showed amazing strength in September,?EUR??,,????'?? said Kenneth D. Simonson, chief economist for the Associated General Contractors of America (AGC). ?EUR??,,????'??For a change, private nonresidential construction led the growth parade, while housing and public construction set monthly records.?EUR??,,????'?? Simonson noted that private nonresidential construction climbed 2.5 percent from August to September on a seasonally adjusted basis, reaching its highest level since April. ?EUR??,,????'??The ?EUR??,,????'??healthiest?EUR??,,????'??? major nonresidential construction category remains health-care construction, which was up 3.7 percent for the month and 10 percent year-to-date,?EUR??,,????'?? He said. Public construction set a record for the fourth straight month and rose for the sixth time in a row, and one of the two largest public categories, highway and street spending, rose 0.9 percent for the month to its highest seasonally adjusted level since January. ?EUR??,,????'??The other major public category, educational construction, was flat in September but has risen 2% so far this year,?EUR??,,????'?? Simonson added. ?EUR??,,????'??I still expect university-level construction to fade as trustees cut budgets, but through September, this subcategory is up 9.5 percent from January-September 2002, while primary and secondary school construction is off by 2.6 percent.?EUR??,,????'??
img