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Wells Fargo: Overall Construction Spending Up 7% in Q2

May 30, 2012, 08:00 AM
Filed Under: Construction

According to Wells Fargo Equipment Finance’s Construction Quarterly for Q2 2012, overall construction spending achieved a 7% gain compared to a year ago in spite of decreases in public infrastructure spending. Unseasonably warm weather and low interest rates may have given an early start to a spring housing recovery.
Eugenio J. Alemán, vice president and senior economist at Wells Fargo noted in his summary that business investment, particularly real nonresidential investment in structures, dropped 12% during the quarter and contributed to the weakness in the reported first quarter GDP number. However he pointed out that this decrease in nonresidential structures investment was mostly due to a decrease in drilling in the power and energy sector rather than in other construction sectors.

Read the full Wells Fargo Equipment Finance Construction Quarterly for Q2 2012

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