Construction spending fell 1.1 percent in February

AP News
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Posted: Apr 02, 2012 10:08 AM
Construction spending fell 1.1 percent in February

U.S. builders trimmed activity for a second straight month in February, pushing construction spending down by the largest amount in seven months. There was widespread weakness with spending on home building, office construction and government projects all dropping.

The Commerce Department says construction spending fell 1.1 percent in February after a 0.8 percent drop in January which was revised down from an initial estimate of a 0.1 percent drop.

With the back-to-back declines, construction spending stood at a seasonally adjusted annual rate of $808.9 billion in February, just 6.1 percent above a low hit in March 2011 and about one-third lower than the high hit during the housing boom.