Construction spending fell slightly in February

first_img Message* Bad weather was a factor in February’s decrease in construction spending. (Getty)Thanks to bad weather and pricier materials, construction spending fell slightly last month — though it’s still higher than it was last year.National construction spending dropped 0.8 percent to a seasonally adjusted estimated rate of $1.516 trillion in February, according to the Census Bureau’s monthly report. In January, spending hit a record rate of $1.528 trillionWinter storms in Texas, which slowed down construction projects, were partly to blame, along with soaring costs and the decline in nonresidential projects, according to the Associated General Contractors of America.“Contractors are having a hard time finding work, and when they do, they are getting squeezed by rapidly rising materials prices,” said Stephen Sandherr, the organization’s CEO. “New infrastructure investments will certainly help with demand, but the industry also needs Washington to help address supply-chain problems and rising costs.”ADVERTISEMENTRead moreHome sales drop in February as inventory remains at all-time lowUS home price growth hits 15-year highPending home sales fall for fifth consecutive month Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Tags Email Address* Despite February’s decline, construction spending is still higher than it was a year ago. Total spending was up 5.3 percent year-over-year.Residential construction spending — both private and public — was up 21 percent compared to February 2020. That’s important, considering housing inventory remains at historically low levels — and economists say the lack of available homes on the market is beginning to eat into sales. Low inventory, combined with seemingly unstoppable demand from buyers, is also pushing home prices ever-higher.Contact Erin Hudson Share via Shortlink Commercial Real EstateConstructionResidential Real Estatelast_img read more

Beyond the Pale: Iranian Regime’s Pattern of Depravity

first_imgBy ShareAmerica February 14, 2020 Ever since Islamic fundamentalists overthrew Iran’s government in 1979, the world has witnessed acts of aggression against other nations and peoples — and against the Iranian people themselves. From attacks on embassies — the very symbol of diplomacy and peaceful relations between nations — to hostage-taking, the murder of exiles and flat-out terrorism, the mullahs have flouted international law and left a trail of bloodshed in their wake.“Iran has a long history of unprovoked aggression, 40 years now, against its own people, against its neighbors, and indeed against civilization itself,” U.S. Secretary of State Mike Pompeo says. “From murdering and torturing their own people, to killing Americans from Lebanon to Iraq, to harboring al-Qaida even today, Iran has rampaged for four decades, and sadly with too few consequences.”Here are just a few examples.Storming embassiesInternational law recognizes embassies as inviolable. That means a host nation may not enter them without permission and, under the Vienna Convention, must protect them “against any intrusion or damage and to prevent any disturbance of the peace of the mission or impairment of its dignity.”Soon after the 1979 revolution, Iranian radicals stormed the U.S. Embassy in Tehran and held 52 Americans hostage for 444 days. The clerical regime countenanced this, and even today, hostage-takers retain positions of responsibility in Iran’s government.Iran’s regime similarly was behind the December 31, 2019 attack on the U.S. Embassy in Baghdad. General Qassem Soleimani was the chief architect. His henchmen, the leaders of Iran-backed militias in Iraq, rallied crowds outside the embassy, encouraging the attack.Taking hostagesThe Iranian regime’s hostage-taking extends beyond embassies. Ever since the 1979 hostage crisis, the regime has used people as bargaining chips to extract money or policy concessions from other governments. Foreigners who work, study or visit family in Iran are frequent hostage-taking targets.Dual nationals like American-Iranian businessman Siamak Namazi and British-Iranian aid worker Nazanin Zaghari-Ratcliffe are special targets of the regime’s wrath. Retired FBI agent Robert Levinson has been missing in Iran for more than 12 years. The Rewards for Justice program is offering up to $20 million for information leading to Levinson’s safe return.Killing exilesThe Iranian regime kills its own citizens abroad in a crime spree that spans the globe.Sometimes the targets are former political figures like exiled former Prime Minister Shapour Bakhtiar, killed August 6, 1991, at his home in the Paris suburbs; or the Iranian Kurdish dissident dispatched in Vienna on July 13, 1989; or the opposition figure murdered in Istanbul on February 20, 1996. The killings have not been limited to political opponents. Writers and other intellectuals are among the regime’s favorite targets.Sponsoring terrorIran’s clerical regime remains the world’s leading state sponsor of terrorism, even if it hides behind the proxy forces that do its dirty work. Hezbollah is notable here. In June 1985, it hijacked TWA flight 847 in Athens. Hezbollah bombings in Paris, between December 1985 and June 1986, killed 12 people and wounded 200 others.On July 18, 1994, Iran’s regime supported a Hezbollah suicide bomber who drove a van packed with explosives into the Argentine Jewish Mutual Aid Society building in Buenos Aires. The bombing killed 85 people, including a 5-year-old boy, and injured 300 others.Authorities arrested an Iranian operative in July 2012, who was conducting surveillance on a synagogue in Sofia, Bulgaria. When Pompeo says the U.S. seeks “to convince the Iranian regime to behave like a normal nation,” he means Iran should stop actions like these.last_img read more