US construction figures on the rise
Construction spending rose in the US in September, official figures have shown
The Department of Commerce estimated that investment during the month hit an annualised and seasonally adjusted rate of $851.6 billion.
This was up 0.6 per cent on the revised August figure, and 7.8 per cent higher than the rate for September 2011.
Construction investment in the year to date is now 8.9 per cent higher than in the same periods last year, fuelling talk of a recovery.
While public sector construction continued to slow in September 2012, this was outweighed by a rise in private building.
Private residential construction rose by 2.8 per cent from August to $285.9 billion; private non-residential work was virtually flat to $294.6billion.
Last month there was also an additional 17,000 jobs created in the construction sector - the most since January 2012.
The overall recovery mood is tempered by the current election uncertainty
Falls in public office and commercial spending were the most stark, while there was also a smaller drop in the substantial education sector.
Experts have been divided over the state of the US architecture market, with different sectors and locations seemingly reacting in very different ways.
‘The overall recovery mood is tempered by the current election uncertainty, debt ceiling uncertainty and tax uncertainty,’ he said.
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