March 29, 2017

Construction Spending Slows

The amount of spending for construction projects in July is at a ten-year low and has not been as low as it is since October 1999 [.xls]. From 1993-2006, construction spending increased every year, yet ever since September of 2007 expenditures have consistently shrank. Spending has decreased [.pdf] from $901.2 million in July of 2009 to $805.2 million in July of 2010, or a 10.7% decline in the past year, as well as a 31% decline since July of 2007. However, these statistics should not be much of a surprise, especially when you consider foreclosures are currently outnumbering new home sales.

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