The rate of residential construction spending in January fell 15.1 percent in February compared to the same month last year, the U.S. Census Bureau announced today. It was the lowest rate since June 2004, and the 11th consecutive month of decline. The seasonally adjusted annual rate of residential construction spending in February dropped to $562.4 billion in February, down about 1 percent compared to the revised January estimate of $567.9 billion. This rate is a projection of a monthly construction spending total over a 12-month period, adjusted for seasonal fluctuations in construction activity. Total spending on private construction was at a seasonally adjusted annual rate of $884.4 billion, which is about 0.2 percent above the revised January estimate of $882.5 billion and 6 percent below the February 2006 rate. And nonresidential construction was at a seasonally adjusted annual rate of $322 billion in February, or about 2.3 percent above the revised January estimate and 15.9 perce...
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