Construction Spending Falls 1.1 Percent

Investor's Business Daily (02/04/08) P. A2
Construction expenditures decreased 1.1 percent in December and 2.6 percent for the year, with a bulk of the decline attributable to the housing slump. Substantial drops in home sales and prices, coupled with high inventory, prompted residential builders to pull back. Spending in this sector fell for the 22nd consecutive month, retreating 2.7 percent in December. Meanwhile, spending on government projects slipped 1.5 percent but inched up 1.3 percent for private nonresidential building projects.