Some property management companies witnessed construction rates at a relatively stable level during September, according to a report from the Department of Commerce.
Nonresidential construction for private properties totaled a seasonally-adjusted annual rate of $294.6 billion last month. This was 0.1 percent lower than the figure recorded during August, which was $294.8 billion, the report noted. Total construction rose 0.6 percent to a seasonally-adjusted annual rate of $851.6 billion in September, which was 0.6 percent higher than the previous month's rate of $846.2 billion.
The mixed month in construction spending prompted some experts to look toward the future.
"The fiscal cliff certainly seems to have affected business capital spending of all kinds, including construction," Bill Cheney, chief economist for John Hancock Financial Services, told Bloomberg. "I assume we're going to see a huge boost in construction spending as we start rebuilding."
The report added total construction spending for the first three-quarters of this year was nearly 9 percent higher than the same period in 2011. The latest figure was $624.8 billion, while the previous level was $573.7 billion.
Posted in Commercial Construction
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