Construction spending declines again in February
Abstract:
Total construction spending fell for the fifth consecutive month in February to 4.0% below last September and 8.5% below the peak level in February 2006. Contractors laid off 51,000 workers in March but total hours worked at job sites increased 0.5% so March construction spending may tick up slightly. Nonetheless, one or two more months of decline are likely until the end of the housing collapse permits total spending to resume rising.
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Total construction spending fell for the fifth consecutive month in February to 4.0% below last September and 8.5% below the peak level in February 2006. Contractors laid off 51,000 workers in March but total hours worked at job sites increased 0.5% so March construction spending may tick up slightly. Nonetheless, one or two more months of decline are likely until the end of the housing collapse permits total spending to resume rising.