Construction Spending Up on Commercial Strength

Washington, DC, October 31, 2007--Gains in spending on commercial and public construction projects offset another decline in spending on housing projects in September, pushing overall construction spending up by 0.3%, according to the Commerce Department.

Private nonresidential construction spending climbed by 1.5%, while public construction spending rose by 1.9%.

Spending on housing projects fell by 1.4%, the 19th straight decline and a reflection of the ongoing slump in the housing and mortgage markets. That spending is down 16.4% in the last year.