New construction is back, and according to sources spending is at 2008 levels! This year we’ve assisted in 12 new construction transactions, and have experience both representing builders & buyers.
“Private residential construction spending rose 0.6% to a seasonally adjusted annual rate of $334.58 billion, the Commerce Department said Tuesday. Though not adjusted for inflation, that was the highest level since September 2008.
Overall construction spending, which includes commercial and public projects as well as housing, increased 0.6% to $900.82 billion, the highest level since June 2009. The rise was better than the 0.4% forecast of economists surveyed by Dow Jones Newswires.” according to Wall Street Journal.
Full Article Here:
http://blogs.wsj.com/economics/2013/09/03/home-construction-spending-at-highest-level-since-2008/