Construction has best year since 1996

[Freddie Stubbs]

MARTIN CRUTSINGER

Associated Press


WASHINGTON - Construction spending shot up 1.1 percent in December, capping a year in which building activity posted the best performance since 1996.

The Commerce Department said Tuesday that last month's increase, the best showing in eight months, followed a 0.3 percent advance in November and reflected widespread strength in both private and public building projects.

For the year, building activity rose 9 percent to $998.4 billion. It was the strongest increase since a 10.4 percent jump in 1996.

The strength last year came in housing activity as builders continued their mad dash to erect houses to meet soaring demand propelled by the lowest mortgage rates in more than four decades.

more: http://www.kansascity.com/mld/kansascity/business/10787523.htm

[nothingshocksmeanymore]

1. Anyone want to bet this one gets adjusted DOWNWARD?

[Oreo]

3. But it's an ownership society!

An ownership society of people drowning in debt. Does that make the banks the owners of the society?

[Sugarbleus]

2. *sarcasm here* I was just about to say

Building boom in prions maybe??? I can't understand WHO is buying a new house these days.

I see ad after ad about areas where people making less wages or even making the same wages not being able to pay the soaring costs of housing these days; irregardless of the interest rates.

In my area there are new housing starts here and there; small ones too close together, but whatever. I wonder who is buying them. There isn't much work around here. Probably they're for people who work outside this area and commute.

Certainly there's not enough housing to accomodate the low income bracket of folks. News of that happening would warm my heart to no end.

[hector459]

4. Well, somebody had to rebuild after the hurricans and floods, didn't they?

another rose-colored Bush admin deceit.

[Lorien]

7. Very true

Lots of homes in my area were damaged beyond repair after three hurricanes hit us last year-and I'm 50 miles inland.

Also, the wealthy are building condo complexes like mad down here; guess a lot of the "middle class" is opting for condos since homes are out of their reach now.

[Sugarbleus]

5. Just found this in archived bookmark...

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1090720

Foreclosures anyone?

[Emboldened Chimp]

6. Hmm...how much of this is 'overseas' construction...

Lots to build over there in Iraq!

[KittyWampus]

8. Florida Was Leveled In Hurricanes.How Much Is From That & Iraq Contracts

going to US companies.