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- Spending on residential construction increased by 1.0% to USD399.0 billion, and spending on non-residential construction rose by 0.6% to USD403.4 billion.
- The Commerce Department said construction spending rose 1% to the highest level it since December 2007.
- Together, total private residential spending was up 1.0%, suggesting better Q4 residential investment growth than we had previously expected.
- Offsetting this, private nonresidential construction spending was a bit below our expectation in October and trimmed our estimate of structures investment.
- The report said construction spending climbed 1.0 percent to an annual rate of $1.107 trillion in October from the revised September estimate of $1.097 trillion.
- THE chief operating officer of building giant Galliford Try has highlighted the strength of the construction market in Scotland where public spending is providing a spur for the sector.
- Galliford Try runs a big housebuilding operation under the Linden Homes brand.
- Mr Gillespie said the market had picked up south of the border.
- Ken Gillespie said Galliford Try’s construction arm enjoyed dramatic growth in Scotland over the last 12 months as it felt the benefit of winning a string of public sector contracts.
- However, it does not build homes in Scotland preferring to focus effort south of the border, where Mr Gillespie has said it can make more money with less effort.