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Caterpillar Inc. Message Board

  • hecla40coming hecla40coming Mar 1, 2013 12:09 PM Flag

    Here is why Caterpillar is red

    WASHINGTON (AP) — Spending on U.S. construction projects fell in January by the largest amount in 18 months as home construction stalled and spending on government projects fell to the lowest level in more than six years.

    The dip was viewed as a temporary setback with construction expected to keep moving higher this year.

    Construction spending fell 2.1 percent in January compared with December, when spending had risen 1.1 percent. It was the biggest one-month decline since July 2011, the Commerce Department said Friday.

    Residential construction, which has been leading the rebound in building, stalled in January with no gain in activity following a 1.7 percent rise in December.

    Non-residential building dropped 5.1 percent while public construction was down 1 percent, pushing activity in the government sector to the lowest point since November 2006.

    For all of last year, construction spending totaled $855.4 billion, an increase of 9.9 percent from 2011. It was the first annual gain after five straight years of decline. But construction still well below healthy levels.

    Construction activity in 2012 is 26.7 percent below the all-time high of $1.17 trillion set in 2007 at the peak of the housing boom.

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88.63-0.70(-0.78%)May 22 4:01 PMEDT