12/2/2009

Construction spending remained unchanged in October after five months of declines, according to data released by the Commerce Department. Spending on public construction projects declined 0.4% last month, while spending on homebuilding rose 4.4%. Meanwhile, spending on non-residential construction fell 1.5% in October on a seasonally adjusted basis, according to Census Bureau data. "Even formerly robust construction segments, such as manufacturing and power, have run out of steam," said Ken Simonson, chief economist of the Associated General Contractors of America.

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