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Home construction spending falls in February

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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...