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Home construction spending falls in February

Spending rate off 34% from its 2006 peak, Census Bureau finds

The spending rate for residential construction projects dropped for the 24th consecutive month in February and has fallen 34.4 percent from its peak of $696 million in February 2006, the U.S. Census Bureau announced today. Private construction spending fell to a seasonally adjusted annual rate of $456.9 billion in February, down about 18.8 percent compared to February 2007 and down 0.9 percent compared to January 2008. This rate is a projection of a monthly construction spending total over a 12-month period, adjusted to account for seasonal fluctuations in spending. The residential spending rate in February was the lowest since May 2003, when it stood at $456.5 billion. Total construction spending, including public and private residential and nonresidential construction spending, dropped to a rate of $1.12 trillion in February, which is down about 3.5 percent from February 2007 and down 0.3 percent compared to January 2008. For the first two months of this year, construction...