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Home construction spending falls for 23rd straight month

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The rate of residential construction spending fell for the 23rd consecutive month and hit its lowest rate in about five years in January, the U.S. Census Bureau reported today. The seasonally adjusted annual rate of spending on private residential construction projects was $455.75 billion in January, down 19.7 percent compared to the same month last year. This rate is a projection of a monthly total over a 12-month period, adjusted to account for seasonal fluctuations in construction activity. Total construction spending, including public and private commercial and residential projects, hit a rate of $1.16 trillion in January, down 3.3 percent since January 2007. Private residential construction spending hit a record high rate of $696.02 billion in February 2006 and has fallen every month since. The January rate was the lowest since the April 2003 rate of $452.7 billion. Total private construction spending fell 6.4 percent in January compared to January 2007, to a rate ...