Construction spending springs a leak

Real estate brief

The souring economy clipped spending on residential construction projects in September to $344.4 billion, the U.S. Census Bureau reported today.

At that figure, the seasonally adjusted annual rate of spending on private and public residential projects fell 1.3 percent from August’s rate of $348.8 billion and 27.1 percent from $472.4 billion a year ago. 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.