Construction Spending Fell 1.1 Percent

Investor's Business Daily (05/02/08) P. A2
Construction outlays dropped back much more than anticipated for March, with residential building tumbling 19.7 percent from the same month of last year. And even though February 2008's numbers were revised to a gain of 0.4 percent from a previously reported dip of 0.3 percent, expenditures in the residential sector in March still were off 4.6 percent from those figures. Construction spending in the private nonresidential arena was revised as well in February to an improvement of 0.6 percent, and the sector's increase of 1.9 percent the following month helped to alleviate concerns about a sharp fallback in commercial building activity.