January 4, 2010
Worrisome signs that woes in construction could hold back the recovery in the US.
According to the Associated Press:
U.S. construction activity fell for a seventh consecutive month as spending on both residential and commercial projects declined, a worrisome sign that lingering troubles in construction will act as a drag on the overall economic recovery.
The Commerce Department said Monday that construction spending in the U.S. dropped 0.6 percent in November, a bigger decline than the 0.4 percent drop that economists had been expecting. MSNBC
It will be interesting to see the affects of this on Canada, and how the Canadian construction trends will compare.
This year Toronto is starting to see the completion of many buildings, which started construction in the real-estate boom, such as The Bloor Street Neighbourhood Condo, London on the Esplanade, Murano, The Glasshouse Lofts, CASA, and Vu.
It will be interesting to watch the Canadian construction spending numbers over the next 6 months to 1 year.