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by CareyBot

The rate of spending on residential construction dropped about 6.9 percent in September compared to September 2005, according to a report today by the U.S. Census Bureau of the Department of Commerce. Residential construction spending was at a seasonally adjusted annual rate of about $610 billion in September, down 1.1 percent from the revised August estimate. And private, nonresidential construction was at a seasonally adjusted annual rate of about $312.7 billion in September, which is 0.1 percent above the revised August estimate and 19.2 percent above the September 2005 rate. Construction spending during September 2006 was estimated at a seasonally adjusted annual rate of $1.2 trillion, or 0.3 percent below the revised August estimate and 2.9 percent above the September 2005 estimate....