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April 2, 2010

Construction spending at lowest point since ‘02

  • Spending fell for home building, commercial ventures, including hotels and motels, and big government public works projects.
  • By JEANNINE AVERSA
    AP Economics Writer

    WASHINGTON — Builders cut back on new projects at a faster-than-expected pace in February and drove down construction spending to the lowest level in eight years. It was a fresh sign that the troubled real-estate market remains a sore spot for the economic recovery.

    The Commerce Department reported Thursday that spending on construction projects around the country fell by 1.3 percent to a seasonally adjusted annual rate of $846.23 billion. That was the lowest level since November 2002.


     
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