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Real Estate Construction Spending Drops 23% From 2008

The numbers are in…

house constructionToday, 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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Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

7 Comments

7 Comments

  1. Real Estate Feeds

    December 2, 2009 at 6:08 am

    Real Estate Construction Spending Drops 23% From 2008: The numbers are in…
    Today, the U.S. Census Bureau released… https://bit.ly/4xyjaA

  2. csstone

    December 2, 2009 at 7:02 am

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  3. realdiggity

    December 2, 2009 at 9:18 am

    Real Estate Construction Spending Drops 23% From 2008: comments https://bit.ly/6lKllI

  4. Kristal Kraft

    December 2, 2009 at 2:50 pm

    @agentgenius Real Estate Construction Spending Drops 23% From 2008 https://bit.ly/7XHKrN

  5. Ara Mamourian

    December 2, 2009 at 5:47 pm

    Real Estate Construction Spending Drops 23% From 2008: Real Estate Construction Spending Drops 23% From 2008. The n… https://bit.ly/5fMcS0

  6. cskyle

    December 2, 2009 at 7:53 pm

    Real Estate Construction Spending Drops 23% From 2008 https://bit.ly/6cEHe5

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