Construction Spending Up on Commercial Strength

Washington, DC, October 31, 2007–Gains in spending on commercial and public construction projects offset another decline in spending on housing projects in September, pushing overall construction spending up by 0.3%, according to the Commerce Department.

Private nonresidential construction spending climbed by 1.5%, while public construction spending rose by 1.9%.

Spending on housing projects fell by 1.4%, the 19th straight decline and a reflection of the ongoing slump in the housing and mortgage markets. That spending is down 16.4% in the last year.