Statements from the US Commerce Department confirmed that recent industry spending was driven by short term tax incentives. Residential construction alone was lifted nearly 5% by a temporary tax credit for home buyers. The nearly 3% industry wide increase was welcome news to markets which have been recently battered by the Europe financial crisis.
Spending in communications and power infrastructure, along with other non-residential sectors also showed its first increase in more than a year. Although tempered by a reduction of office buildings and shopping centers, the non-residential sector still rose nearly 2%.
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