reduziert. Kompensation erfährt der Privatsektor durch einen Anstieg der öffentlichen Bauausgaben. So kann man sich ausrechnen wie schlimm es tatsächlich um den US Bausektor bestellt ist. Gruß Permanent |
US October construction spending falls 0.8 pct UPDATEAFX| 30 Nov 2007 | 11:46 AM ET
(Updates with analyst reaction) WASHINGTON (Thomson Financial) - US construction spending fell 0.8 pct in October as business construction began to fall and the decline in homebuilding continued.
Private construction was down 1.4 pct, the Commerce Department reported today. A 0.8 pct jump in government projects provided a partial offset to the private building contraction.
Residential construction was down 2.0 pct last month, worse than the 1.1 pct drop in September and matching the 2.0 pct decline in July. It was the 20th consecutive monthly decline in homebuilding.
"There will be more hefty declines to come," warned Ian Shepherdson of High Frequency Economics. "These numbers lag building permits, whose fall has re-accelerated in recent months." Non-residential or business construction fell 0.5 pct, its first decline since September of last year. Economist Patrick Newport at Global Insight called that an "ominous sign." Companies finance new construction with mortgages, just as households do, he said, and the loans have been securitized just like home mortgages. "But the market for these securities has dried up since August, and companies are scrambling to get funding for new construction projects." Office and commercial building continued to grow in October, but there were declines spending on manufacturing, recreational and power projects.
The growth in government construction covered the usual categories of education, health care, highways, and sanitation as well as a 12.4 pct increase for conservation and development.
October's total US construction spending was off 0.6 pct from a year earlier. Private spending was down 4.9 pct as a 17.5 pct non-residential increase could not make up for the 16.2 pct drop in housing. Government construction was up 14.6 pct from October of 2006.
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