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September 01, 2006
Builders keep retrenching
Here's what Global Insight economist Patrick Newport says about today's data on July construction spending:
Construction spending fell 1.2% in July. The deteriorating housing market accounted for most of the drop.
Private residential spending fell 2.0%, while private nonresidential spending edged up 0.3%. Public construction spending fell 0.7%.
The downturn in housing starts accounted for the 3.0% drop in single-family residential construction. This category will continue to drop until housing starts stabilize.
Nonresidential construction posted its 11th monthly increase in 12 months. Public construction fell for the first time in 10 months.
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amazing cover story in businessweek on the option arm neutron bomb.
kudos to your staff. one of the best bubble exposes I've read
keith - housingpanic
Posted by: keith at September 1, 2006 03:51 PM
Englewood, Fl. (6) new housing developments being built in 10 mile area of where I live. Since Englewood is a small town, what will all the new housing do to present home sellers ?
Posted by: Denver at September 1, 2006 04:36 PM