The Enid News and Eagle, Enid, OK

National and world

July 2, 2013

U.S. construction spending up 0.5 percent in May

WASHINGTON — Spending on residential housing rose in May to the highest level in 4½ years, helping to send overall construction spending higher despite a big drop in nonresidential activity.

Construction spending rose 0.5 percent in May compared with April when spending was up 0.1 percent, the Commerce Department said Monday.

Private residential construction rose 1.2 percent to the highest level since October 2008, further evidence of a rebound in housing. Spending on nonresidential projects fell 1.4 percent, dragged lower by declines in office building and the category that includes shopping centers.

Public construction rose 1.8 percent with state and local activity up 1.6 percent and federal spending rising 0.6 percent.

Total construction rose to a seasonally adjusted annual rate of $874.9 billion in May, up 5.4 percent from a year ago.

The rise in residential construction reflected a 0.4 percent increase in new single-family construction and a 2.5 percent jump in multi-family construction.

Residential construction spending is 23.1 percent higher than a year ago while nonresidential construction is 0.9 percent below the level of a year ago. Public construction is 4.7 percent lower than a year ago with government activity depressed by tight budgets.

For all of 2012, construction spending increased 9.8 percent. That marked the first annual gain after five straight years of declines. Construction spending is still well below healthy levels although housing is helping to support building activity in the face of the weakness in government projects.

Steady hiring and nearly record-low mortgage rates have encouraged more Americans to buy homes. More people are also moving out on their own after living with friends and relatives in the recession. That's driving a big gain in apartment construction and also pushing up rents.

New-home sales rose 2.3 percent in May to a seasonally adjusted annual rate of 476,000, the highest level in five years, but still below the 700,000 annual rate that is considered healthy by most economists.

Text Only
National and world
  • House Obama Lawsuit.jpg Republican-led House approves lawsuit against President Obama

    Just a day before lawmakers were to begin a five-week summer recess, debate over the proposed lawsuit underscored the harshly partisan tone that has dominated the current Congress almost from its start in January 2013.

    July 31, 2014 1 Photo

  • Russia Putin web.jpg Sanctions could damage Russia

    The sanctions go further than earlier penalties — which had largely targeted individuals — by broadly limiting the trade of weapons and of technology that can be used in the oil and military industries. The EU also put its capital markets off-limits to Russian state-owned banks.

    July 31, 2014 1 Photo

  • Mideast Libya web.jpg Thousands flee to Tunisia to escape Libya fighting

    Many diplomats, including the U.S. ambassador, have pulled out of the country. With the interim government paralyzed, the fighting threatens the planned opening session of the newly elected parliament on Aug. 4.

    July 30, 2014 1 Photo

  • Obit Robert Drew web.jpg Cinema verite documentarian Robert Drew dies

    Starting in 1960 with “Primary,” Drew produced and sometimes directed a series of television documentaries that took advantage of such innovations as light hand-held cameras that recorded sound and pictures.

    July 30, 2014 1 Photo

  • Obama Ukraine Russia_Hass_W.jpg GOP-led House approves lawsuit against Obama

    The suit will contend that Obama has exceeded his constitutional powers in the way he has enforced the 2010 health care law.

    July 30, 2014 1 Photo

  • Texas: Gay-marriage ban best for children

    Texas’ ban on same-sex marriage allows the state to promote the birth and upbringing of children in “stable, lasting relationships,” the state’s attorney general argued Tuesday while asking a federal appeals court to reinstate the ban.

    July 30, 2014 1 Story

  • OKCupid, Facebook not alone in studying consumers

    Dating is hard.

    July 29, 2014

  • Abortion-Mississippi_Hass.jpg U.S. appeals court blocks Mississippi abortion law

    The 5th U.S. Circuit Court of Appeals voted 2-1 to overturn Mississippi’s 2012 law requiring abortion doctors to obtain admitting privileges at nearby hospitals.

    July 29, 2014 1 Photo

  • U.S. Court: Virginia marriage is for all lovers

    “We recognize that same-sex marriage makes some people deeply uncomfortable. However, inertia and apprehension are not legitimate bases for denying same-sex couples due process and equal protection of the laws,” Judge Henry F. Floyd wrote.

    July 28, 2014

  • Sierra Leone West Af_Brac-1.jpg New fears about Ebola spread after plane scare

    Patrick Sawyer’s death on Friday has led to tighter screening of airline passengers in West Africa, where an unprecedented outbreak that emerged in March has killed more than 670 people in Guinea, Sierra Leone and Liberia.

    July 28, 2014 1 Photo 1 Story

Featured Ads