Construction spending rises in October

Posted by IronPlanet on Dec 2, 2011 2:45:00 AM

Although spending on construction is still down from previous levels, the Commerce Department revealed that it was up slightly in October, reports The Washington Post.

Money spent on construction was up 0.8 percent in October, the third straight month of gains, according to the Commerce Department's data, which was released on December 1. That was helped by an increase in residential and non-residential construction, such as private homes and office buildings. However, it was partially offset by a continued decrease in the amount of money on construction spent by the federal and state governments.

There was also good news for the future. Applications for building permits, which tend to indicate future growth in the construction industry, were up 11 percent in October, bolstered by a whopping 30 percent gain in new apartment buildings, the highest level in three years.

With more projects on the horizon, construction companies need to be sure that they're in the position to get any job done that comes their way. IronPlanet offers a wide variety of used construction equipment, whether the builder is looking for aerial work platforms, cranes, excavators or any other piece of equipment. What's more, the auction nature of the website ensures that buyers get a great deal on all their purchases - something that's critical with the economic downturn still taking its toll.

Topics: Construction, Industry Headlines