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August 4, 2008

Construction falls 0.4 percent in June

WASHINGTON (AP) — Construction spending fell for the 11th time in the past 13 months in June as continued steep declines in housing activity offset strength in nonresidential building activity.

The Commerce Department reported Friday that building activity dropped by 0.4 percent in June, a decline that was in line with expectations. Home building plunged by 1.8 percent, the 15th straight drop, as builders continued to slash activity to cope with the steepest decline in housing in more than two decades.

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