Report: Construction Spending at Seven-Year Low

Report: Construction Spending at Seven-Year Low

According to the latest data from the Commerce Department (as of April 2010), construction spending in the United States fell in February to a level not seen since November 2002. The federal government said the 1.3-percent decrease to $846.2 billion followed a revised 1.4-percent decline in January that was more than twice as large as previously estimated.

Some details:
Construction spending dropped 13 percent in the 12 months ended in February.
Private residential construction fell 2.1 percent from January to February.
Private non-residential construction fell 0.4 percent from January to February.
Federal construction fell 0.3 percent from January to February.

The Commerce Department says March 2010 data will be released May 3, 2010.