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VOL. 36 | NO. 43 | Friday, October 26, 2012
US builders boost September spending 0.6 percent
WASHINGTON (AP) — U.S. builders spent more on home construction in September, a gain that helped offset weakness in nonresidential building and government projects.
The Commerce Department says construction spending grew 0.6 percent compared to August when spending had fallen 0.1 percent.
The strength in September came from a 2.8 percent rise in home building. Spending on commercial projects such as office buildings and shopping centers fell 0.1 percent and spending on government projects was down 0.8 percent, the third monthly decline.
The September increase pushed construction spending to a seasonally adjusted annual rate of $851.6 billion, 14.1 percent higher than a 12-year low hit in February 2011. But even with the gain, construction is at roughly half the level considered healthy.