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Construction Spending Numbers

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The Commerce Department reported that private residential construction rose 3.9 percent in September, the biggest jump since July 2003. Bloomberg seems to think the tax credit deadline was what spurred on residential builders. And more via the newswire: "Public construction rose 1.3 percent, led by government spending on power plants, streets and highways and transportation projects...Private commercial real-estate, which includes factories, hotels and office buildings, dropped 1.8 percent for a second month. The numbers are just the beginning of what will probably be a “huge crash in commercial real estate,” billionaire investor Wilbur L. Ross Jr. said Oct. 30." Year over year, overall spending is down 13 percent from a year ago, according to the Wall Street Journal.[Bloomberg]