The uncertainty factor changed the map of the demand for house-room in the metropolitan area of Monterrey, the number of its inhabitants emigrate to San Pedro Garza García, which in the past three years led to an increase of up to 30 percent in goodwill , an unprecedented event in the state and in the country, said Jorge A. Paredes Guerra, CEO of real estate firm Realty World.
"He had not given-an increase in property prices and exponentially-fast as usual," he said at a press conference.
The manager mentioned that to the environment prevailing insecurity in recent years, prices rose due to increased demand for living in the municipality of San Pedro Garza Garcia, regarded as the safest in the state.
"Almost had a mobility of people not only from the entity left municipalities of Monterrey, San Nicolas de los Garza and others to go to shelter to San Pedro Garza Garcia, also from other states and not to mention foreign" .
Paredes Guerra said he had never given this growth especially in a time of economic crisis; Now, this trend is expected to stabilize, since the perception of insecurity in Nuevo Leon is changing, which is reflected in the movement of home buying operations in areas such as summits and even the National Road begin to recover.
"The property market has been normalizing it for a year, so now standing for sale properties in areas like Summit in Monterrey, at a good pace," he said.
Paredes Guerra said that in the last two years, Mexico has implemented a number of changes and incorporation of laws that have changed the way they relate to customers, in addition to operating as a real estate agency. That is, that after the publication of the Data Protection laws, Forfeiture and Money Laundering, Reality World has had to apply full security and investigation procedures.
The above said, the Bureau has involved proceed Landlord, with platforms and access to 82 databases ranging from the Attorney General's Office and similar entity, to the FBI, Interpol, among other instances to rule out any illegal operations or criminal records who want to buy or sell a property.
Today, no company makes a real estate transaction to purchase a property 24 or 48 hours. Now it takes at least a week.
"Since these filters are implemented in the organization have been detected a number of illegal operations (us) as real estate companies have had to report to the proper authorities," he said.
Of the total lease transactions that take place in the state, 10 percent fall into "suspicious" transactions.
Wednesday, July 2, 2014
Tuesday, July 1, 2014
Latinos raised the real estate market in Miami
Attracted by what they said are cheap and ready to pay cash prices, Latinos have become buyers of condominiums, apartments and houses, as part of its investment strategy or just to have a second home. They are taking advantage of the money that allowed them to gain the momentum of the economies of Latin America, a region that managed to bear with dignity the global financial crisis. Not only are they hunting for houses. Come to the city to launch the shopping and take possession of all kinds of goods, from iPads and designer dresses to overpriced jewelry.
This wave has revitalized the business property in Miami, where developers are presenting new projects even when Florida was one of the hardest hit by the housing market collapse. He also turned the city into one of the essential destinations for international investors.
"Latin America has helped revive our market," said Jorge Perez, CEO of Related Group, a leading real estate companies in South Florida. Venezuelans lead this phenomenon. Like many Latin Americans, they historically have turned to real estate in Miami as a safe investment in times of political and economic volatility in their countries. According to the Association of Realtors Miami, Venezuelans were the biggest buyers in 2011 and accounted for 15% of all sales to foreign customers, closely followed by Brazilians and Argentines.
Last year, sales of homes and condominiums in Miami rose by 46% compared to 2010, which involved a record, the association said. The condo prices began to recover in the second half of last year, while values in several Latin American countries have for years been rising steadily.
Chávez effect
Venezuelans better position, with reduced investment opportunities at home and worried about what they describe as a crackdown on the property market in the country by President Hugo Chavez, have become coveted clients for real estate agents and brokers.
"They take away their checkbooks," said Harvey Hernandez, who was born in Venezuela and is now manager of Newgard Group, a firm that develops BrickellHouse, one of the first apartment towers to be built since the collapse of the market. More than half of the 374 units were sold BrickellHouse, Venezuelans and represent 40% of buyers. The tower, located in the business district of Miami overlooking Biscayne Bay, will begin construction later this year. Venezuelans have helped revive the property market in suburban Miami Doral and Weston, home to large communities of compatriots.
"Is Chavez effect," he said Cleto Puzzi, a Venezuelan who had sold an apartment in Spain and bought two in Doral, now rented. "You can not invest in Venezuela now," he added.
The wave of expropriations began Chavez has scared many Venezuelans good position. Last year, Chávez passed laws that make it harder for landlords to evict delinquent tenants, something that frightened property owners and cooled interest in one of the few investment options in Venezuela.
sophisticated Brazilians
A recent report RelatedISG a real estate group based in Miami, said prices of the apartments and condos in downtown Miami were lower than newly built properties in several South American cities like Rio de Janeiro, Sao Paulo, Buenos Aires and Bogota. The exorbitant prices in Brazil also led the Brazilians to search for properties in Miami. Driven by the recent appreciation of the real, the Brazilian shoppers are also noisy shopping centers, where Portuguese language is already part of the environment.
For Brazilians, "everything is so cheap. Dine, buy a shirt, buy a condo," said Claudio Stivelman Jacques, president Shefaor Development Company, based in Miami and a native of Brazil. Brazilians with big money have generated particular interest in Miami real estate agents, who say that South American look sophisticated oceanfront properties. "They are buying into the range of more than a million dollars," said Zalewski.
Foreign interest is not limited to purchase real estate. International developers are also involved in more than 20 building projects, many of which could be offered to investors worldwide.
in cash
The interest of Latin American has led the real estate developers, many of whom suffered losses during the housing crisis in the United States, to adopt new models of financing and sales. Before the bubble burst, depended heavily on bank financing. But as the crisis unfolded, entrepreneurs began to see how customers abandoned their deposits and how banks, worried by falling house prices, closed access to credit. Soon, empty towers abounded in the Miami skyline.
Because Latin American and other non-American buyers now account for a majority of sales of real estate in Miami, developers have adopted a more targeted financing option to pay in cash, preferred by international buyers.
The pay as you go system (pay as construction progresses) means buyers finance as certain stages of construction are met. It is widely used in Latin America and requires buyers to pay up to 80% of the final price of the property before it is finished. "I do not think it's a long-term stance is a reaction to the current shape of the market," said Perez.
Iván Pérez, a lawyer of 40 years in Caracas, recently bought two apartments in BrickellHouse 250 and 400 thousand dollars. "Miami is like my second home," he said. The political instability in Venezuela was one of the major factors in making the decision, he added.
Some real estate entrepreneurs who frequently work with Venezuelans expect their interest in the Miami real estate market remains strong, especially if Chavez wins the presidential election later this year.
Eli Santurio, sales manager of Keyes Realtor, said many employers in the sector are joining Venezuelans when monitoring the campaign for the October vote. "That's what everyone is talking about," he said. "If Chavez wins, then sales could increase a lot," he added.
This wave has revitalized the business property in Miami, where developers are presenting new projects even when Florida was one of the hardest hit by the housing market collapse. He also turned the city into one of the essential destinations for international investors.
"Latin America has helped revive our market," said Jorge Perez, CEO of Related Group, a leading real estate companies in South Florida. Venezuelans lead this phenomenon. Like many Latin Americans, they historically have turned to real estate in Miami as a safe investment in times of political and economic volatility in their countries. According to the Association of Realtors Miami, Venezuelans were the biggest buyers in 2011 and accounted for 15% of all sales to foreign customers, closely followed by Brazilians and Argentines.
Last year, sales of homes and condominiums in Miami rose by 46% compared to 2010, which involved a record, the association said. The condo prices began to recover in the second half of last year, while values in several Latin American countries have for years been rising steadily.
Chávez effect
Venezuelans better position, with reduced investment opportunities at home and worried about what they describe as a crackdown on the property market in the country by President Hugo Chavez, have become coveted clients for real estate agents and brokers.
"They take away their checkbooks," said Harvey Hernandez, who was born in Venezuela and is now manager of Newgard Group, a firm that develops BrickellHouse, one of the first apartment towers to be built since the collapse of the market. More than half of the 374 units were sold BrickellHouse, Venezuelans and represent 40% of buyers. The tower, located in the business district of Miami overlooking Biscayne Bay, will begin construction later this year. Venezuelans have helped revive the property market in suburban Miami Doral and Weston, home to large communities of compatriots.
"Is Chavez effect," he said Cleto Puzzi, a Venezuelan who had sold an apartment in Spain and bought two in Doral, now rented. "You can not invest in Venezuela now," he added.
The wave of expropriations began Chavez has scared many Venezuelans good position. Last year, Chávez passed laws that make it harder for landlords to evict delinquent tenants, something that frightened property owners and cooled interest in one of the few investment options in Venezuela.
sophisticated Brazilians
A recent report RelatedISG a real estate group based in Miami, said prices of the apartments and condos in downtown Miami were lower than newly built properties in several South American cities like Rio de Janeiro, Sao Paulo, Buenos Aires and Bogota. The exorbitant prices in Brazil also led the Brazilians to search for properties in Miami. Driven by the recent appreciation of the real, the Brazilian shoppers are also noisy shopping centers, where Portuguese language is already part of the environment.
For Brazilians, "everything is so cheap. Dine, buy a shirt, buy a condo," said Claudio Stivelman Jacques, president Shefaor Development Company, based in Miami and a native of Brazil. Brazilians with big money have generated particular interest in Miami real estate agents, who say that South American look sophisticated oceanfront properties. "They are buying into the range of more than a million dollars," said Zalewski.
Foreign interest is not limited to purchase real estate. International developers are also involved in more than 20 building projects, many of which could be offered to investors worldwide.
in cash
The interest of Latin American has led the real estate developers, many of whom suffered losses during the housing crisis in the United States, to adopt new models of financing and sales. Before the bubble burst, depended heavily on bank financing. But as the crisis unfolded, entrepreneurs began to see how customers abandoned their deposits and how banks, worried by falling house prices, closed access to credit. Soon, empty towers abounded in the Miami skyline.
Because Latin American and other non-American buyers now account for a majority of sales of real estate in Miami, developers have adopted a more targeted financing option to pay in cash, preferred by international buyers.
The pay as you go system (pay as construction progresses) means buyers finance as certain stages of construction are met. It is widely used in Latin America and requires buyers to pay up to 80% of the final price of the property before it is finished. "I do not think it's a long-term stance is a reaction to the current shape of the market," said Perez.
Iván Pérez, a lawyer of 40 years in Caracas, recently bought two apartments in BrickellHouse 250 and 400 thousand dollars. "Miami is like my second home," he said. The political instability in Venezuela was one of the major factors in making the decision, he added.
Some real estate entrepreneurs who frequently work with Venezuelans expect their interest in the Miami real estate market remains strong, especially if Chavez wins the presidential election later this year.
Eli Santurio, sales manager of Keyes Realtor, said many employers in the sector are joining Venezuelans when monitoring the campaign for the October vote. "That's what everyone is talking about," he said. "If Chavez wins, then sales could increase a lot," he added.
Thursday, June 26, 2014
Vence deadline for sale of property in buildings for rent
Tomorrow June 26th is the deadline for the owners of those buildings of old data that are intended to sell houses rent to tenants.
On 28 March, the Ministry of Housing and Habitat issued a ruling which ordered the sale of real estate in those buildings for 20 years or more have been oriented to the lease, which revived one of the transitional provisions of the Act Real estate leases, in force since 2011. that period ends this week.
However, the sale of the buildings has come slowly. Spokesmen for renters networks indicate that several owners have expressed an intention to sell, but add that the most advanced negotiations with owners who have initiated proceedings in June 2011.
In that period, the Vice-President summoned the owners of 100 properties located in the Metropolitan Area of Caracas to begin sales of rented apartments. Then when the National Assembly approved the Law Holiday, the process was handed to the Superintendent of Lease Housing, which re-sent communications to the owners of those 100 buildings.
In three years, negotiations have been finalized with the owners of 23 buildings and according to spokespersons of organizations, families currently living in these buildings are doing the procedures for managing credit.
They comment that the rest of the 77 buildings, 40% of owners have indicated the supervisory body who are willing to offer the apartments, however, others have reported that they have not negotiated by the difficulties they have had to transform properties in condo.
The real estate industry representatives suggest that these changes require a two-year period.
But it sets the rules and lapses if negotiations do not specify the property owners will be subject to severe penalties.
According to the arrangement, those building owners not to sell the homes will have to pay a fine of 2,000 tax units (254,000 bolivars) for each flat is offered to tenants.
The fine must be paid within five business days following and, if not, will be considered a repeat offender in the penalty, so that the fine will be doubled.
If the fine is not canceled, the Superintendent may go to court and ask the seizure of the property.
On 28 March, the Ministry of Housing and Habitat issued a ruling which ordered the sale of real estate in those buildings for 20 years or more have been oriented to the lease, which revived one of the transitional provisions of the Act Real estate leases, in force since 2011. that period ends this week.
However, the sale of the buildings has come slowly. Spokesmen for renters networks indicate that several owners have expressed an intention to sell, but add that the most advanced negotiations with owners who have initiated proceedings in June 2011.
In that period, the Vice-President summoned the owners of 100 properties located in the Metropolitan Area of Caracas to begin sales of rented apartments. Then when the National Assembly approved the Law Holiday, the process was handed to the Superintendent of Lease Housing, which re-sent communications to the owners of those 100 buildings.
In three years, negotiations have been finalized with the owners of 23 buildings and according to spokespersons of organizations, families currently living in these buildings are doing the procedures for managing credit.
They comment that the rest of the 77 buildings, 40% of owners have indicated the supervisory body who are willing to offer the apartments, however, others have reported that they have not negotiated by the difficulties they have had to transform properties in condo.
The real estate industry representatives suggest that these changes require a two-year period.
But it sets the rules and lapses if negotiations do not specify the property owners will be subject to severe penalties.
According to the arrangement, those building owners not to sell the homes will have to pay a fine of 2,000 tax units (254,000 bolivars) for each flat is offered to tenants.
The fine must be paid within five business days following and, if not, will be considered a repeat offender in the penalty, so that the fine will be doubled.
If the fine is not canceled, the Superintendent may go to court and ask the seizure of the property.
Monday, June 23, 2014
Increasingly unaffordable housing for New Yorkers
Having a roof, owned or rented, it is becoming less affordable for New Yorkers.
The accounts are simple and painfully clear. Income families, especially middle and lower class have fallen and are increasingly giving less of whether to pay for homes that do nothing but go up in price on virtually most of the state.
The fact is that more than three million households paid for their residence more than 30% of their income, a percentage that marks the dividing line between what is affordable and what is not in terms of housing. Worse yet, those three million, half paid more than 50% of their income to cover the costs of your home or apartment.
Are data collected by the comptroller, Thomas DiNapoli, in a report published yesterday, which is based on census figures (PDF) for 2012.
According to these, from 2000-2012 the average income of those with home ownership have fallen by 1.6% and those who rent have been reduced by 7.1%.
Meanwhile, the price of houses has gone the opposite way.
And it is much more serious for those who pay rent as income increases have been 18.6% while costs associated with the property (benefit historically low interest rates) have also risen but less, almost 10%. The real estate taxes increased by 12.3% in the state and have played an important role in the assessment of costs.
It is not unreasonable to think that these figures have been accentuated since the 2014 square foot prices in most of the state and rents have grown very significantly in recent months but the average wage has increased. The labor market is still healing the wounds left by the Great Recession of 2007-2008 and no upward pressure on wages.
Thus, according to figures DiNapoli, since 2000-2012 households are paying rent that costs more than 30% of its revenues have grown from 40.5% to 50.6% of the sum total. For those who have owned their home, the percentage has also increased almost eight percentage points (see illustration).
For renters, the worst ratio of rising costs has been given to those residing in Bronx County.
Up to 57.6% of those who pay the rent in this area have to spend more than 30% of what they earn it. Followers of Greene County (a rural area in the north of the state), Ulster, Rockland, Orange, Suffolk, Putnam, Moroe, Queens, Westchester and Nassau.
In the case of New York County (Manhattan) although housing costs are the most expensive in the country, income, on average, are slightly higher so it is among one of the places with the lowest proportion of tenants affordability problems.
The comptroller said that this "unfortunate trend has negative implications for economic growth and for the quality of life of New Yorkers."
"When half of the income is used to pay the place where you live, you're going to tighten their belts in other daily needs," DiNapoli said in a statement.
The reality is that when lack affordable housing in the state, businesses are complicated efforts to recruit and retain employees if they have difficulty affording a place to live or have to do, trying to balance a budget on rent or asphyxiated by mortgage.
The accounts are simple and painfully clear. Income families, especially middle and lower class have fallen and are increasingly giving less of whether to pay for homes that do nothing but go up in price on virtually most of the state.
The fact is that more than three million households paid for their residence more than 30% of their income, a percentage that marks the dividing line between what is affordable and what is not in terms of housing. Worse yet, those three million, half paid more than 50% of their income to cover the costs of your home or apartment.
Are data collected by the comptroller, Thomas DiNapoli, in a report published yesterday, which is based on census figures (PDF) for 2012.
According to these, from 2000-2012 the average income of those with home ownership have fallen by 1.6% and those who rent have been reduced by 7.1%.
Meanwhile, the price of houses has gone the opposite way.
And it is much more serious for those who pay rent as income increases have been 18.6% while costs associated with the property (benefit historically low interest rates) have also risen but less, almost 10%. The real estate taxes increased by 12.3% in the state and have played an important role in the assessment of costs.
It is not unreasonable to think that these figures have been accentuated since the 2014 square foot prices in most of the state and rents have grown very significantly in recent months but the average wage has increased. The labor market is still healing the wounds left by the Great Recession of 2007-2008 and no upward pressure on wages.
Thus, according to figures DiNapoli, since 2000-2012 households are paying rent that costs more than 30% of its revenues have grown from 40.5% to 50.6% of the sum total. For those who have owned their home, the percentage has also increased almost eight percentage points (see illustration).
For renters, the worst ratio of rising costs has been given to those residing in Bronx County.
Up to 57.6% of those who pay the rent in this area have to spend more than 30% of what they earn it. Followers of Greene County (a rural area in the north of the state), Ulster, Rockland, Orange, Suffolk, Putnam, Moroe, Queens, Westchester and Nassau.
In the case of New York County (Manhattan) although housing costs are the most expensive in the country, income, on average, are slightly higher so it is among one of the places with the lowest proportion of tenants affordability problems.
The comptroller said that this "unfortunate trend has negative implications for economic growth and for the quality of life of New Yorkers."
"When half of the income is used to pay the place where you live, you're going to tighten their belts in other daily needs," DiNapoli said in a statement.
The reality is that when lack affordable housing in the state, businesses are complicated efforts to recruit and retain employees if they have difficulty affording a place to live or have to do, trying to balance a budget on rent or asphyxiated by mortgage.
Friday, June 20, 2014
Real estate nurture growth in the U.S.
The positive trends in the residential and non-residential property sector will continue to drive growth across the United States during the first half of the year, according to a study by BBVA Research.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports, and overtake much of the country in the first half 2014, "said BBVA analysis area.
The report concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Low inventories and greater confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential this year, said the financial group.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the United States and highly skilled support income growth, in real terms, have been stagnant since 2000.
Thus, in another study the same group stressed that this more dynamic support to Mexican exports, mainly from the automotive and manufacturing industry in 2014.
"The expansion of construction and manufacturing and rising income will have a positive impact on other sectors. This is what supports a scenario of stronger economic growth and a broader basis in the coming quarters, "said BBVA Research.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports, and overtake much of the country in the first half 2014, "said BBVA analysis area.
The report concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Low inventories and greater confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential this year, said the financial group.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the United States and highly skilled support income growth, in real terms, have been stagnant since 2000.
Thus, in another study the same group stressed that this more dynamic support to Mexican exports, mainly from the automotive and manufacturing industry in 2014.
"The expansion of construction and manufacturing and rising income will have a positive impact on other sectors. This is what supports a scenario of stronger economic growth and a broader basis in the coming quarters, "said BBVA Research.
Monday, June 16, 2014
Construction in the United States remains attractive
DR HORTON INC (DHI), the largest builder of residential homes in the U.S., announced strong results for the quarter ended in March and confirmed that continues to improve and the housing construction sector in the United States.
Sales of u $ s 1,680 million, advanced 22% YoY and exceeded average expectations by almost 8%. Measured in physical units, the increase was 10% yoy to 6,194 homes, an increase of 10% in the sale price, which on average reached u $ s 278,900.
Gross margin increased 35% YoY and stood at 22.5% of sales (versus 20.4% in March 2013), but showed a slight decrease compared to the previous quarter, which could indicate that the process of rising prices stable costs is close to its limit. Administrative and general expenses of $ s 188 million grew 21% YoY; consequently, profits were $ s 131 million, or $ 0.38 per share s, an increase of 18% yoy and 11.7% exceeding the expectations of analysts. Another favorable quarter.
The company address expressed satisfaction with the performance, noting that conditions in the housing market remains positive, with a rate that varies according to the different regions, and that in the analyzed period was stronger in the East and the center of the country than in the West. Also considered that the extensive geographic presence DHI, the diversity of its products and the wide availability of favorable terrain, along with a strong balance sheet, he predicted additional improvements in the current semester. The backordered units sold increased by 5% to 10,059 homes, with a value of $ s 2,800 million and an annual increase of 18%.
DHI's financial situation is strong, with cash of $ s 931 million, construction started and completed by u $ s 2,864,000 and developed plots and developing u $ s 3.452 million, financed by trade payables of $ 1,100 s million and long term debt for $ s 3.638 million, maturing reasonably phased over ten years.
In short, a balance better than expected, and very positive projections of the firm. We add several analysts expect consolidation of the construction firms in the United States, by which large companies, with easy access to credit-Iran acquiring smaller, and that mergers between large companies will be carried out in a market today quite atomized. Beyond some nuances that policymakers consider carefully discussed the relevant construction market, which is great creator of jobs and economic activity multiplier.
Sales of u $ s 1,680 million, advanced 22% YoY and exceeded average expectations by almost 8%. Measured in physical units, the increase was 10% yoy to 6,194 homes, an increase of 10% in the sale price, which on average reached u $ s 278,900.
Gross margin increased 35% YoY and stood at 22.5% of sales (versus 20.4% in March 2013), but showed a slight decrease compared to the previous quarter, which could indicate that the process of rising prices stable costs is close to its limit. Administrative and general expenses of $ s 188 million grew 21% YoY; consequently, profits were $ s 131 million, or $ 0.38 per share s, an increase of 18% yoy and 11.7% exceeding the expectations of analysts. Another favorable quarter.
The company address expressed satisfaction with the performance, noting that conditions in the housing market remains positive, with a rate that varies according to the different regions, and that in the analyzed period was stronger in the East and the center of the country than in the West. Also considered that the extensive geographic presence DHI, the diversity of its products and the wide availability of favorable terrain, along with a strong balance sheet, he predicted additional improvements in the current semester. The backordered units sold increased by 5% to 10,059 homes, with a value of $ s 2,800 million and an annual increase of 18%.
DHI's financial situation is strong, with cash of $ s 931 million, construction started and completed by u $ s 2,864,000 and developed plots and developing u $ s 3.452 million, financed by trade payables of $ 1,100 s million and long term debt for $ s 3.638 million, maturing reasonably phased over ten years.
In short, a balance better than expected, and very positive projections of the firm. We add several analysts expect consolidation of the construction firms in the United States, by which large companies, with easy access to credit-Iran acquiring smaller, and that mergers between large companies will be carried out in a market today quite atomized. Beyond some nuances that policymakers consider carefully discussed the relevant construction market, which is great creator of jobs and economic activity multiplier.
Friday, June 13, 2014
U.S. construction spending increases at five-year high
Spending on U.S. construction rose to its highest level in five years in April, but the increase was lower than expected, suggesting a slight rebound after retraction of this activity in the first quarter.
Construction spending increased 0.2 percent to an annual pace of 953,500 billion, the Commerce Department said Monday. It was the highest since March 2009.
Economists had expected a rise of 0.6 percent.
But the March figure was revised to reflect an advance of 0.6 percent instead of the previously reported increase of 0.2 percent.
Construction spending increased 0.2 percent to an annual pace of 953,500 billion, the Commerce Department said Monday. It was the highest since March 2009.
Economists had expected a rise of 0.6 percent.
But the March figure was revised to reflect an advance of 0.6 percent instead of the previously reported increase of 0.2 percent.
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