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by CareyBot

Construction spending for residential projects reached an adjusted annual rate of $575.4 billion in January, down 13 percent compared to January 2006 and down 1.8 percent from December, the U.S. Census Bureau reported today. For all types of construction, spending reached an adjusted annual rate of $1.18 trillion in January, which is about 0.8 percent below the revised December estimate and 1.2 percent below the January 2006 estimate. This rate is a projection of a monthly spending total over a 12-month period, adjusted for seasonal fluctuations in construction activity. Total spending on private construction -- including residential and nonresidential -- was at a seasonally adjusted annual rate of $894.3 billion, which is about 1.2 below the revised December estimate and 4.8 percent be...