Real Estate Construction Spending Drops 23% From 2008
The numbers are in…
Today, the U.S. Census Bureau released construction spending data for October 2009, revealing that the real estate sector dropped 14.4% from October 2008. The residential real estate sector was up 4% which had speculators rallying but spending dropped a staggering 23% from October 2008.
Berkshire Group Realtor, Kristal Kraft said, “construction spending was down this year due to the decrease in demand. The Denver real estate market is seeing a decrease in inventory at the entry level. Now with the expansion of the Tax Credit to non-first time buyers we will see our market expand further, giving the home builders a chance to get back to what they do best, building homes. Denver real estate is on the way to recovery.”
Perhaps Denver is poised for a recovery, but with new home construction suffering so badly, will it drag down or hold back the national housing market as a whole or will the inevitable (yet unpredictable) recovery pull up the new home sector by the scruff?
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This article published on Wednesday, December 2nd, 2009 at 12:05 am | Contact the editor
Topics: News, Real Estate
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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