Power, public, multifamily construction spending rise; Beige Book finds mixed trends

Construction spending increased 0.7 percent in October to $802.3 billion at a seasonally adjusted annual rate, but was down 9.3 percent from October 2009, the Census Bureau reported today [Dec. 1]. Census revised down the September and August estimates. Monthly gains appeared in public construction (up 0.4 percent for the month and 2.2 percent year-over-year); power (8.8 percent and -3.9 percent); private transportation such as trucking, rail and airline investments (2.7 percent and -2.6 percent), new private multifamily(3.2 percent and -33 percent); and private improvements to existing residential property (6.2 percent and -11 percent), according to a Dec. 1 Data DIGest report.