Singapore based Denko Group reported the largest increase in US construction spending in over nine years as well as three straight quarters of manufacturing sector expansion.
Statements from the US Commerce Department confirmed that recent industry spending was driven by short term tax incentives. Residential construction alone was lifted nearly 5% by a temporary tax credit for home buyers. The nearly 3% industry wide increase was welcome news to markets which have been recently battered by the Europe financial crisis.
Spending in communications and power infrastructure, along with other non-residential sectors also showed its first increase in more than a year. Although tempered by a reduction of office buildings and shopping centers, the non-residential sector still rose nearly 2%.
Denko Group is a private equity firm dedicated to providing superior returns on capital. They seek high net return opportunities in all sectors, from high-growth technology and life science companies to recommending competitors funds, while achieving superior returns for investors. They bring together the financial and intellectual capital necessary to create a sharp edge that is focused solely on investor‘s confident assurances of outstanding performance. For more information on the Denko Group please visit their website at denkogroup.com.
You should not do, or refrain from doing, anything based on the information provided in this release without first obtaining professional advice from your financial advisor. Denko Group believes the information in this release is correct, and it has reasonable grounds for any opinion or recommendation found within, as at the date the relevant part of this release was last updated. However, Denko Group and its directors, employees and agents are not liable for any loss or damage incurred by any person as a result of any error in any information, opinion or recommendation in this release. Nothing in this release is, or should be taken as, an offer, invitation or recommendation to buy or sell any investment in or make any deposit with Denko Group or any other person.