Fitch: Auto delinquencies hit 10-year highs; Plus, an update on commercial real estate
One other item that caught my attention: Reed Construction Data said the value of non-residential construction starts fell 13.1% year-over-year in January. Commercial starts fell 26.2% and industrial starts dropped 56.8%, with office starts running at the lowest level in almost two years. Only military facilities, parking garages, and hotels saw increases.
It'll be interesting to see when the government's non-residential construction data starts to roll over. Nonresidential construction spending has increased every month since September 2006, but the December rise was miniscule (+0.04%). And the Wall Street Journal recently noted that signs of weakness are emerging. Certainly, the degree of tightening in commercial real estate financing points to a tougher funding environment for commercial developers.