Posted To: MND NewsWire

Total construction spending ended 2019 down slightly from the prior year. The U.S. Census Bureau said the total value of construction, both public and private, put in place during the year was $1.304 trillion compared to $1.307 trillion in 2018, an 0.3 percent decrease. Residential spending was down 4.6 percent from the prior year with expenditures of $520.9 billion. Non-residential spending gained 2.8 percent but annual gains in the various non-residential categories were modest. Only one type of construction rose by double digits; water supply projects were up 12.6 percent. This is a small dollar category however; total expenditures for the year were only $9.30 billion. The big losers were spending on commercial projects (down 11.3 percent) and construction related to religion (down 10.6…(read more)

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Source: Mortgage News Daily