CONSTRUCTION SPENDING HITS THREE-YEAR HIGH IN SEPTEMBER AS SOLID GAINS IN PRIVATE RESIDENTIAL, NONRESIDENTIAL CATEGORIES OUTWEIGH PUBLIC DOWNTURN

WASHINGTON, D.C. – November 1, 2012 – (RealEstateRama) — Construction spending in September climbed to a nearly three-year high at an annualized rate of $852 billion, as increased spending on houses, apartments and private nonresidential projects outweighed a continuing downturn in public construction, according to an analysis of new federal data released today by the Associated General Contractors of America. Association officials said they expect both the public and private trends to continue despite the disruption caused by Hurricane Sandy.