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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Perspective who wrote (47519)3/1/2006 1:13:30 PM
From: mishedlo  Read Replies (1) of 116555
 
Construction Spending

WASHINGTON (Dow Jones)--The growth in spending on U.S. construction slowed sharply during January as housing sector outlays managed only a small climb.

Total spending rose by 0.2% to a seasonally adjusted annual rate of $1.163 trillion, the Commerce Department said Wednesday. Spending increased by 1.0% in December, which was unrevised.

Wall Street had expected January construction spending would increase 1.0%.

January residential construction spending inched up by 0.1% to $656.8 billion. Residential spending rose 0.9% in December; it was originally estimated rising 1.0%.

Non-residential construction spending increased by 0.3%. Outlays for highways and streets rose, while school construction spending fell.

Private-sector construction spending climbed 0.2% to $906.9 billion in January. December rose 0.9%.

Public, or government, construction spending increased 0.2% to $256.5 billion, following a 1.3% climb in December. Federal government construction outlays rose by 6.1%. State and local spending - much larger than federal spending in dollars - declined by 0.2% to $236.5 billion.
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Does this fly in the face of record numbers of housing starts?

Mish
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