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.
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.
