U.S. Construction Spending Falls Sharpest Since Sep. 2001

Overall construction spending in U.S. fell 1% in October to $1.178 billion, the sharpest fall in more than five years (since September 2001), according to latest data from the Commerce Department. 
  • Private residential construction spending fell by 1.9% in October after dropping 1.4% in September. Spending on private residential construction projects has now fallen seven months in a row, the longest drop on record. 
  • Private construction spending dropped by a sharp 1.5% in October after falling by 1.1% in September. 
  • Public construction spending rose by 0.8% and spending on federal projects climbed by a hefty 11.6%.

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