Construction Spending up 9.6% Year over Year

[Jordan]

Construction activity in October was healthy across the board. Other sectors within construction have been up and down but housing continues its sustained uptrend. Construction spending jumped 1.4 percent in October, following a gain of 0.5 percent the month before. The consensus called for a 0.4 percent gain.

The rise in October was led by private residential spending which advanced 3.0 percent after rising 1.1 percent the prior month. For the latest month, new 1-family outlays jumped 3.6 percent, new multi-family construction jumped 6.2 percent, and residential excluding new homes (largely improvements) gained 1.8 percent.

On a year-ago basis, overall construction was up 9.6 percent in October, compared to 8.9 percent the prior month.

[Natural Citizen]

Construction activity in October was healthy across the board. Other sectors within construction have been up and down but housing continues its sustained uptrend. Construction spending jumped 1.4 percent in October, following a gain of 0.5 percent the month before. The consensus called for a 0.4 percent gain.

The rise in October was led by private residential spending which advanced 3.0 percent after rising 1.1 percent the prior month. For the latest month, new 1-family outlays jumped 3.6 percent, new multi-family construction jumped 6.2 percent, and residential excluding new homes (largely improvements) gained 1.8 percent.

On a year-ago basis, overall construction was up 9.6 percent in October, compared to 8.9 percent the prior month.

This is funny. Only because in the other thread where you shared the chart regarding vehcle sales, I had edited my initial response to remove "Next we'll be hearing about new homes being built". Really. I edited the thing because I didn't think in a million years anyone would be so foolish to think that people were so naive to buy the argument without the relevant outliers. Again...the same outliers as in the car sales thread.

I should have just left it. Gosh. Could see it coming from a mile away. In fact, I'm fond of the notion that political science...much like the real stuff...is nothing if not prediction.

Probably should just go ahead and add food spending while we're on the subject. Do you have a chart on standby for that too? May as well just go ahead and get it out of the way.

[Jordan]

This is funny. Only because in the other thread where you shared the chart regarding vehcle sales, I had edited my initial response to remove "Next we'll be hearing about new homes being built". Really. I edited the thing because I didn't think in a million years anyone would be so foolish to think that people were so naive to buy the argument without the relevant outliers. Again...the same outliers as in the car sales thread.

I should have just left it. Gosh. Could see it coming from a mile away. In fact, I'm fond of the notion that political science...much like the real stuff...is nothing if not prediction.

Probably should just go ahead and add food spending while we're on the subject. Do you have a chart on standby for that too? May as well just go ahead and get it out of the way.

Actually, I'm glad you mentioned it.

You'll be happy to know that pending home sales were up for 18 straight months, housing starts are at a 4-year high, and more Americans now plan to buy a home in the next 6 months than ever before.

People sure are buying more homes. Thanks for bringing it up!

[tod evans]

We did this lat week.......Construction spending is down in my 4-state area and I can provide a complete list of wholesalers book-keepers to prove it..

[Zippyjuan]

If you look at the numbers, much of the gains are not in houses but in apartment building construction. But all areas improved. The economy is not booming but it has been making slow gains for a while now and it will still take a long time to get back to "normal" again.

The rise in October was led by private residential spending which advanced 3.0 percent after rising 1.1 percent the prior month. For the latest month, new 1-family outlays jumped 3.6 percent, new multi-family construction jumped 6.2 percent, and residential excluding new homes (largely improvements) gained 1.8 percent.

[oyarde]

Due to unemployment, tax increases, health bill , there will not be a" normal " again as far as I can tell. I suspect what you see now, is the stability . Mnfg index down to lowest numbers since July 09 numbers , currently.

[oyarde]

CBO predicts next recession, next year..... this is reasonable, growth is less than the tax increases, should , equal , no growth.

[Natural Citizen]

Actually, I'm glad you mentioned it.

You'll be happy to know that pending home sales were up for 18 straight months, housing starts are at a 4-year high, and more Americans now plan to buy a home in the next 6 months than ever before.

People sure are buying more homes. Thanks for bringing it up!

Well...quite the inventory to choose from. Over 20 Million Houses Sitting Vacant-Fabian Calvo....Calvo should know because he runs a company called TheNoteHouse.us. It buys and sells $100 million annually in distressed debt and real estate. Calvo says, “Over 20 million houses, on any given night in America, are completely sitting vacant.”

http://usawatchdog.com/over-20-milli...-fabian-calvo/

Greg runs a great web site over at usawatchdog, btw. Lot's of good stuff.

[jclay2]

Due to unemployment, tax increases, health bill , there will not be a" normal " again as far as I can tell. I suspect what you see now, is the stability . Mnfg index down to lowest numbers since July 09 numbers , currently.

You would think mentioning the manufacturing index would be relevant as it was released at the same time as the wonderous housing news. But that doesn't fit the op's agenda. Another funny thing is that in all of the posts on housing and booming economy, not one mention is made of the federal reserve.

[Jordan]

Well...quite the inventory to choose from. Over 20 Million Houses Sitting Vacant-Fabian Calvo....Calvo should know because he runs a company called TheNoteHouse.us. It buys and sells $100 million annually in distressed debt and real estate. Calvo says, “Over 20 million houses, on any given night in America, are completely sitting vacant.”

http://usawatchdog.com/over-20-milli...-fabian-calvo/

Greg runs a great web site over at usawatchdog, btw. Lot's of good stuff.

20 million homes? Really? More than 20% of all homes are vacant?

Anyway, I know of plenty of cheap real estate in India. Why isn't it holding down prices in the US? After answering that question you might discover why abundant real estate in Las Vegas or Detroit has little to do with construction in Atlanta or Seattle.