U.S. construction spending falls for third month in October

[Yosemito]

Source: Reuters

U.S. construction spending fell for the third straight month in October as outlays on private projects declined, government data showed on Monday.

The Commerce Department said construction spending decreased 0.1 percent to $1.31 trillion.

September's construction outlays were revised to show spending down 0.1 percent rather than being unchanged, as previously reported.

Read more: https://www.reuters.com/article/us-usa-economy-construction-idUSKBN1O21S2

[PeeJ52]

1. It's coming...

2008 all over again. This is what tax cut for the rich get you. Depressions...

[tinrobot]

2. To be fair, 0.1% is not much of a drop.

Pretty much even for the month.

But yes, it does look like the market is softening. Keep your powder dry when it comes to real estate.

[B Stieg]

3. Infrastructure Week!

When's the next one?
They sure seem to be working...

[IronLionZion]

4. They could always build the wall, that would increase construction spending

[turbinetree]

5. Lets see......................fires in California, insurance companies don't want the costs

East Coast..................ocean is rising insurance companies don't want the costs

Gulf of Mexico is turning into a complete dead zone, insurance companies don't want the costs

Up in the plain states, tornado's in fucking December, insurance companies don't want the costs

Fracking causing earthquakes, in the mid west, insurance companies don't want the costs

Up in Northern elevation part of the country annual snowfall are falling, insurance companies don't want the costs

Farmers on both coasts are seeing diminishing yields, and insurance companies don't want the costs

Sigh, builders don't have any place to build, because they have an overstock of homes sitting on the market, and in Ohio and Michigan, automobile plants are closing ect.................., and the other places are danger zones for homes ......................and insurance companies don't like the costs.................


Yep............... housing market is down, no one is going to be able to afford the home insurance, let alone a new home

[Sherman A1]

6. I saw a thread here yesterday

describing new developments in California in what would be a fire zone and the controversy regarding that. Not sure if they will be approved or not, but planning and developing are still going on.

In my local area of 3 bedroom ranch style homes in an older midwestern suburb I understand that we have about 1/3 of the population renting as they can either not afford to buy or as was also described at a recent ward meeting, younger folks in many cases do not want to own a house.

[turbinetree]

8. Yepper, spot on.................

The new generation coming down the pike don't want to own, they want to rent, no burdens when they are at that age, but when they get married or start to pay off there student loan debt, they might buy, but if they pay off the debt, they may ask why burden myself with the home debt for thirty years and all of the responsibilities.

What I find remarkable is that when the banks crashed the economy, and we bailed them out, they started to offer the 15 year mortgages pretty cheap, we got ours after refinancing for 2.75 %, it cut off 6 years on our 30 year mortgage, and saved over around $85,000 on interest alone. My question is if the banks didn't have the 30 year mortgage and only had 15 or 20 year mortgages, would these younger adults buy homes.

The builders would have to lower there price and the land they bought, this will not happen, there is only so much land, and at the present rate of pollution and other factors the land is going to be degenerated not for use. The fires out in California in my opinion proves this, it will take some time for the vegetation to grow back but in the interim the mudslides are another issues, you cannot build a house out there with a basement, its a earthquake zone, and now with repeated fires and mudslides, will the insurance company insure. At some point the investment and the issue will say no, it costs to much money for the bottom line.

My father-n- law has a second home on the New Jersey shore, and he is always talking about how they have to build a new homes 6 to 8 feet higher with retaining walls to keep out the flood water from the hurricanes and the rising sea.
The price of land is amazing, for one lot 70' x 50' is around 1.6 million to 4 million. I look at him and say who created this mess, the sea, nope, the weather patterns, nope................we did, all by our lonesome selves. His response is he can make 1.6 to 4 million off his lot..................its all based on greed he doesn't care.........................and the younger generation in my opinion are just like him, they don't care, I know when I was their age I didn't care..............

[KY_EnviroGuy]

7. When Republicans are in charge....

that always induces fear and uncertainty into our public and the markets as well. Par for the course.

Elections do have consequences......