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WASHINGTON - U.S. construction spending increased in September, but momentum is slowing as the factory building boom fades.
Construction spending shot up 8.7% on a year-on-year basis in September. Spending on private construction projects rose 0.4% after advancing 1.0% in August. Outlays on private non-residential structures like factories edged up 0.1%. Investment in residential construction increased 0.6% after rising 1.3% in the prior month. Spending on new single-family construction projects soared 1.3%. An acute shortage of previously owned homes on the market is boosting new construction, but with the rate on the popular 30-year fixed mortgage flirting with 8%, scope for further gains is limited.
France Dernières Nouvelles, France Actualités
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