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February 3, 2009

2008 ends with a record drop in construction spending

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON — Construction spending fell for a third straight month in December, closing out a year in which building activity dropped by a record amount as housing continued to plunge. And economists don't expect a quick turnaround amid a severe recession and the ongoing financial crisis.

The Commerce Department said Monday that total construction spending dropped by 1.4 percent in December, worse than the 1.2 percent decline economists expected.


 
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