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July 2, 2008

Housing slump offsets gains in building hotels and offices

  • But economists are concerned a severe credit crunch will begin to squeeze nonresidential building projects as well.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — Construction spending fell in May for the 11th time in the past year as a continuing slump in housing offset strength in nonresidential building.

    The Commerce Department reported Tuesday that construction spending dropped 0.4 percent in May, slightly less than had been expected. There was strength in spending on hotels and office buildings but continued declines in housing, which has been in a slump for two years.


     
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