Real estate recap: U.S. construction spending drops 0.7% in January ... Church buys Greenwell Springs property
Nears a decade low: Builders began work on fewer offices, shopping centers and other commercial projects in January, such that construction spending declined near to a decade low. Builders trimmed their activity 0.7% in January, following a revised 1.6% decline in December, the Commerce Department reported last week. The consecutive declines pushed total spending down to a seasonally adjusted annual rate of $791.8 billion in January, close to the decade low of $791.5 billion hit in August. The current pace of construction activity is just about half of the $1.5 trillion level that economists believe would signal a healthy construction sector.
Pentecostals get land: A nearly eight-acre tract of land on Frenchtown Road, near the intersection of Central Thruway, has been sold. The Voice of Pentecost Church bought the land for $315,000, or 90 cents a square foot, in a deal that closed last week. Evan Scroggs of NAI/Latter & Blum represented the church, while Jonathan Starns of Donnie Jarreau Real Estate represented the buyer. The Voice of Pentecost, which is located near the Greenwell Springs Road/North Sherwood Forest intersection, plans to build a new church on the site.
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