Construction Spending Fell in October Meeting Expectations
Total construction spending fell 1.2 percent in October, with an upward revision to September and August. Residential construction spending fell 3.5 percent and nonresidential construction spending fell 0.1 percent. We expect nonresidential construction spending to post a decline in the fourth quarter
Residential Construction Spending
- Total construction spending fell 1.2 percent in October and is now down 4.6 percent, year over year. Much of the drop can be attributed to the continued decline in residential construction spending
- Residential construction is now down roughly 24 percent, year over year.
Nonresidential Construction Spending
- Private nonresidential construction spending fell 0.1 percent on the month, but is up 8.3 percent, year over year. Private non-residential health care, religious, communication and power spending all posted declines.
- Private nonresidential construction spending on power projects fell 7.3 percent, the largest decline since April 2006.
Wachovia Corporation
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