Category Archives: commerce department

Commerce Department Report for Chicago Construction

According to the Chicago Tribune, the Commerce Department reported that in the month of July construction spending grew over 0.6 percent , rising to the highest level in 4 years.

Construction spending increased to an adjusted annual rate of $915 billion, with an increase of 7.1 percent above the previous August, which was led by private residential building.  This improvement in the construction industry is due to the housing recovery over the last year.  Lodging construction also had solid growth in the month of August.

To view more information about this article, visit the Chicago Tribune page.


US Home Indusrty

According to BBC, the US home-building industry grew in the month of July, in part due to the increase of construction for new apartments. 
According to the Commerce Department, the new-home industry rose by 5.9 percent since the previous month. 
New homes grew at an annual rate of 896,000, which was below the rate for March that had a rate of 1 million. 
Mortgage rates could be rising due to a recent drop in new single-family homes built.  The new single-family home construction dropped by 2.2 percent.

Permits to build new homes have begun to rise, which recently showed an increase of 2.7 percent.  Also, 30-year mortgage rates have increased by a full percentage in July since it was at 3.4 percent in the month of May.