Construction spending declines for second month | Armonk Homes

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For the second month in a row construction spending took a downturn, dropping 0.4% in September after August’s 0.8% drop.
The U.S. Census Bureau of the Department of Commerce said Monday that construction spending during September 2014 was estimated at a seasonally adjusted annual rate of $950.9 billion, below the revised August estimate of $955.2 billion. The September figure is 2.9% above the September 2013 estimate of $924.2 billion.
The good portion of the drop was in private construction spending, which bodes ill for the housing market.
Spending on private construction was at a seasonally adjusted annual rate of $680.0 billion, 0.1% below the downwardly revised August estimate of $680.8 billion.
Residential construction was at a seasonally adjusted annual rate of $349.1 billion in September, which was 0.4% above the downwardly revised August estimate of $347.7 billion.

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http://www.housingwire.com/articles/31928-construction-spending-declines-for-second-month

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