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by CareyBot

The rate of private construction spending on residential projects dropped 1.1 percent from March to April, and rose 7.1 percent compared to April 2005, the U.S. Census Bureau of the Department of Commerce announced today. The seasonally adjusted annual rate of total construction spending in April 2006 was about $1.2 trillion, a 0.1 percent drop from the revised March estimate and 8.5 percent above the April 2005 estimate. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. During the first four months of this year, construction spending amounted to about $349.3 billion, or 8.9 percent above the $320.6 billion for the same period in 2005. Spending on private construction was at a season...