Home building construction spending in the U.S. declined in May, proving most analysts' claim that a slump is forthcoming after the government tax incentive initiative expired on April 30. Commercial construction projects also declined during the month.
The confidence of the home building construction industry dipped further in August, making it the third month in a row that the sector's confidence index has declined.
The economic stability being experienced by Rochester, New York is attributed by local market analysts to the strength of the home building construction and real estate market of the city. Prices of houses in Rochester remain steady, although the coming tax credit expiration is expected to have an impact on the local housing market.
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