On the heels of dismal home prices are resting at 2003 levels, spending on private residential construction fell 3.7 percent in February to an annual rate of $228.5 billion from the January estimate of $237.2 billion. The latest figures were released by the U.S. Department of Commerce on Friday.
Overall construction spending in February fell to $760.6 billion, 1.4 percent below the revised January estimate of $771.0 billion. This is the worst rate in 11 years.
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