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Industry News

Mortgage Applications Rise in Latest Week


Alabama residential sales improve 2 percent in July

By Alabama Center for Real Estate (ACRE)

Appraisal Institute Unveils New Educational Offering For Reviewers

By R. Shawn Brantley, Brantley & Associates

Jobless Claims in U.S. Have Dropped About as Much as They Can

By Victoria Stilwell, Bloomberg News The four-week claims average as a share of the workforce stood at 1.6 percent at the end of last month. The record low was reached in May 1969 at 1.2 percent. In more recent times, the low was in April 2000 at 1.4%.

How a Zillow-Trulia Merger Could Finally Change the Business of Real Estate

By Brad Stone, Bloomberg Businessweek, Technology

Industry News

U.S. construction spending highest in nearly five years

Jan 2 (Reuters) - U.S. construction spending rose to its highest level in nearly five years in November as a surge in private construction projects offset a drop in public outlays.

Construction spending increased 1 percent to an annual rate of $934.4 billion, the highest level since March 2009, the Commerce Department said on Thursday.  It was the eighth straight month that construction spending increased.  

Economists polled by Reuters had expected a gain of 0.6 percent in November.   Construction spending in October was revised to show a 0.9 percent rise instead of the previously reported 0.8 percent increase.

The report added to data ranging from employment to consumer spending that have suggested resilience in the economy even as growth is expected to step down form the third quarter's brisk 4.1 percent annual rate.  

Construction spending in November was lifted by a jump in private construction projects to their highest level since December 2008.  Private construction spending rose 2.2 percent after being flat in October.  

The increase reflected strong gains in spending on both residential and nonresidential projects.  Private residential spending hit its highest level since June 2008 and outlays on nonresidential structures, which include factories and gas pipelines, touched an 11-month high.  

Public construction spending fell 1.8 percent as both outlays on federal and state and local governmental projects declined.  (Reporting By Lucia Mutikani; Editing by Andrea Ricci)  

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