Summary Box: Construction spending falls

AP News
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Posted: Apr 01, 2011 4:33 PM
Summary Box: Construction spending falls

BUILDING DOWN: Construction spending fell for a third month in February, dropping to the lowest level since 1999.

HOUSING DOWN: Spending for both single-family homes and apartments dropped in February. The housing market continues to struggle with record levels of foreclosures.

OUTLOOK: The prolonged weakness has pushed total construction activity down to a seasonally adjusted annual rate of $760.6 billion, about half of the $1.5 trillion rate economists view as a healthy pace. They say it take four years for the industry to fully recover.