Miami Homes, Miami Real Estate

Construction Spending slightly up in October

In October, Construction spending increased slightly which was the first advance in six months, as a flow in Miami homes building offset continued weakness in construction that was not residential.

The slight increase is an optimistic sign that the key construction sector might be stabilizing, which could provide support for the fledgling economic recovery and a positive note for Miami real estate.

On Tuesday, the Commerce Department said that construction spending edged up 0.04% in October, or $401 million, pushing the seasonally adjusted annual rate to $910.8 billion. That was better than the 0.5% decline that was predicted, but it followed five straight drops including almost a 2% fall in September that was the largest since January.

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