Residential construction spending dips

The rate of spending on private residential construction dropped 2.1 percent in February compared to January, and was down 3.8 from January 2009, the U.S. Census Bureau reported today.

The seasonally adjusted annual spending rate has plunged 62.9 percent from a peak of $676.4 billion in March 2006 to its latest level of $250.8 billion in February 2010. 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.

Total construction spending, including spending on public and private, residential and nonresidential projects, dropped 12.8 percent year-over-year in February, to a rate of $846.2 billion, and was down 1.3 percent from January, according to the report.

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