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From Caterpillar’s quarterly earnings report, a mini-bombshell for the U.S. economy.We expect total U.S. construction spending, which, net of inflation, has declined since 2004, to finally begin to recover in 2012. We project a 1.5-per cent increase in infrastructure-related construction and a 5-per cent increase in nonresidential building construction. We are expecting housing starts of at least 700 thousand units in 2012, up from 607 thousand units in 2011.
For more from Caterpillar’s strong report, see here.