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by CareyBot

The rate of private residential construction spending fell for the seventh straight month in October and was 9.4 percent below the October 2005 rate, the U.S. Census Bureau of the Department of Commerce announced today. The seasonally adjusted annual rate of total construction spending was about $1.18 trillion in October, which is 1 percent below the revised September estimate and 2.4 percent above the October 2005 estimate. During the first 10 months of this year, total construction spending was about $1.01 trillion, which 5.9 percent higher than spending in the first 10 months of 2005. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. Spending on private construction was at a seaso...