Construction spending steady in August
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The small residential construction spending increase in August, after 28 monthly declines, was the result of bizarre spending trends for residential remodeling in the last two months. July remodeling spending was revised down $15 billion (annual rate) and then a $10 billion gain was reported for August. New residential construction spending continued its long decline.
August construction spending fell marginally for both nonresidential buildings and non-building projects. This reflects both the slowdown in new project starts that began about a year ago as economic growth slowed and the initial impact of both reduced credit availability and high credit rates. Further slowing is assured in the next few months even if Washington fixes the credit crunch today.
Treasury Secretary Paulson told Congress nearly two weeks ago that action was needed immediately to head off a credit crunch. A two week delay has been very costly for the economy and hence construction demand.
Today’s announcement by the Securities and Exchange Commission (SEC) relaxing its’ rules requiring assets to be valued at market prices when markets
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