St. Louis-area construction starts have jumped since last year.
Both residential and commercial construction activity are soaring, according to industry data and statistical analysts Dodge Data & Analytics. Their latest report shows residential construction has exceeded $1.3 billion so far this year, after reaching $1.1 billion at this same point a year ago. Commercial construction starts have reached $1.2 billion this year. Some $879,000 in construction starts were recorded at this time last year.
Economists believe the economy is getting stronger since the third quarter, when the gross domestic product grew by a slow 1.5 percent. That was off from the 3.9 percent growth recorded during the previous quarter. Consumer spending remained strong during that time as it rose at a 3.2 percent annual rate. Read more here.
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Goodyear Tire & Rubber Co. has reported a strong third quarter amid the deflating cost for raw materials. The tire maker exceeded Wall Street projections by posting a 68 percent boost in profit to $271 million, or 99 cents, per share. Learn more here.
Aetna has raised its earnings forecast for the year, again. The health insurer now expects its adjusted earnings to reach as high as $7.55 a share. That’s up from the previous per-share earning forecast of $7.40 that was released in August. Find out more here.
-Will Buss, BND business writer