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by CareyBot

The rate of residential construction spending fell behind its year-ago level in April despite inching up from March, the U.S. Census Bureau reported today. Last month's $1.19 billion seasonally adjusted rate of construction spending was 2 percent lower than the April 2006 estimate of $1.21 billion but was up slightly from March's estimate of $1.18 billion, according to the report. This 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 2007, construction spending amounted to $345.1 billion, approximately 2.5 percent below the $353.8 billion for the same period in 2006. Spending on private construction was at a seasonally adjusted annual rate of $898.9 billion, down just 0.1 p...