89.7 F
Fort Worth
Wednesday, August 5, 2020

US construction spending falls 0.8% in October

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

WASHINGTON (AP) — Spending on U.S. construction projects fell 0.8% in October, dragged down by declines in apartment and multi-family homebuilding.

Private construction spending declined 1% in October, the Commerce Department said Monday. That follows another significant 1.1% decline in September.

Overall private residential construction dipped 0.9%, with multifamily projects declining 1.6% in October after a 2.1% decline in September.

Spending on single-family home construction increased 1.6%, helping to offset some of the losses elsewhere in the private construction category during the month.

Last month, the government reported that U.S. home building jumped 3.8% in October, with developers anticipating steady demand.

Lower mortgage rates and a healthy job market with rising wages have boosted home sales and the demand for new homes. The average rate on a fixed 30-year mortgage last week was 3.68%, a historically low number.

In October, spending on government construction projects fell 0.2%, with state and local projects declining 0.3% and federal building increasing 0.6%. It was the first decline in overall government construction spending since June.

Over the past 12 months, increased government spending on construction has offset declines in private expenditures on building.

October’s overall decline follows a downward revision of September’s number from a 0.5% increase to a 0.3% decline.

During the first 10 months of 2019, overall construction after adjusting for seasonal variations came in at an annual rate of $1.09 trillion in October, down 1.7% from a year ago.

- Advertisement -
- Advertisement -

Latest News

Prosecutors: Texas man stole $1.6M in COVID-19 relief money

HOUSTON (AP) — Federal prosecutors say a Houston man bilked the government out of $1.6 million in COVID-19 business relief funding and...

Fort Worth looks to keep current property tax rate

The Fort Worth City Council heard recommendations on the Fiscal Year capital budget for 2021 during the work session on Tuesday, Aug....

Biden won’t go to Milwaukee to accept Democratic nomination

By BILL BARROW Associated Press Joe Biden will not travel to Milwaukee to accept the Democratic presidential nomination because...

Biden campaign announces $280 million ad buy through fall

By ALEXANDRA JAFFE Associated Press WASHINGTON (AP) — Joe Biden's Democratic presidential campaign is reserving $280 million in digital...

Hotels criticized for taking virus money face investigation

DALLAS (AP) — A group of hotels that took, and later returned, tens of millions of dollars in federal virus-bailout money are...