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September 5, 2007
Despite Credit Crunch, Construction Spending Grew in July
The NY Sun
Spending on construction of nonresidential buildings grew in July despite the credit woes that have dragged down construction of homes for the 17th straight month, according to data from the U.S. Census Bureau released yesterday.
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From June to July, nonresidential spending increased 0.6%, to $346 billion. But while nonresidential construction spending showed no drop, residential spending plummeted 1.5%, to $534 billion, over the same period. Compared with July 2006, residential building construction spending has decreased 16.1%.New York City's nonresidential construction spending is likely stronger than the national average because of large infrastructure projects like the two baseball stadiums going up in Queens and the Bronx, as well as mixed-use developments like Atlantic Yards in Brooklyn, Mr. Simonson said.
Posted by lumi at September 5, 2007 8:35 AM