Construction spending up but pace is still weak (AP)

WASHINGTON ? U.S. builders increased spending on homes, office buildings and other projects in August after a big decline in July. The gain still left the construction industry far below levels considered healthy.

The Commerce Department says construction spending rose 1.4 percent in August after a 1.4 percent decline in July, which had been the biggest setback in six months. The increase pushed construction activity to a seasonally adjusted annual rate of $799.1 billion. That's 4.8 percent above an 11-year low hit in March. But it's barely more than half the $1.5 trillion pace considered healthy.

Analysts say it could be four years before construction returns to healthy levels. A dismal outlook for housing and a weak economy have forced governments to cut back on building plans.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111003/ap_on_bi_go_ec_fi/us_construction_spending

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