Home construction spending hits five-year low

Residential construction spending hit its lowest level in five years in March, the U.S. Census Bureau announced today.

The seasonally adjusted annual rate of residential construction spending dropped 19.7 percent compared to the same month last year, to $451.4 billion. This rate is a projection of a monthly spending total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity.

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