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US Economic News
11/2/2009 11:03 AM ET
(RTTNews) -
The amount of money spent on U.S. building projects unexpectedly climbed in September, according to the latest government statistics.
A sharp jump in residential construction led the advance, while government spending also rebounded after a slide in the previous month.
The U.S. Commerce Department revealed that construction spending rose 0.8 percent in September. Economists had expected the measure to slide by 0.2 percent.
This followed a 0.1 percent decline in August, which was revised from 0.8 percent increase, and a 1.2 percent slide in July.
Total construction spending was down 13 percent from the same time last year.
Private construction was up 0.5 percent following up on a 0.4 percent increase in the previous month.
Residential construction, a key gauge for the home building industry, showed a 3.9 percent advance for September. This followed a 3.4 percent increase in August.
September's growth represented the sharpest monthly increase since 2003 after August's result was revised down from the 4.7 percent that was initially reported last month.
The possible expiration of an important home-buyer tax credit may have muddied the numbers, with some builders rushing projects to completion before the planned end to the program.
However, compared with the same time last year, residential building remained sharply lower. The measure was down 27 percent from September 2008.
Outside of home building, private construction continued to lose ground. Private non-residential construction was down by 1.8 percent, the fifth consecutive month of decline.
Government construction was up 1.3 percent, bouncing back from a 1.1 percent drop in the previous month.
by RTT Staff Writer
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