The rate of residential construction spending fell for the 21st consecutive month in November, the U.S. Census Bureau reported today, and dropped 17.8 percent compared to November 2006. The seasonally adjusted annual rate of spending on private residential construction projects was $484.9 billion in November, which is down 30.3 percent compared to a record peak rate of $696 billion in February 2006. The rate is a projection of a monthly construction-spending total over a 12-month period, adjusted to account for seasonal variations in construction activity. The total construction spending rate for public and private residential and nonresidential projects was $1.17 trillion in November, down about 0.1 percent compared to the November 2006 rate. During the first 11 months of this year, total construction spending amounted to $1.08 trillion, which is about 2.5 percent lower than spending during the same period last year. Spending on all private construction projects reached a rate of $860...
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