Construction spending hits eight-year low

U.S. Commerce Department figures released today (PDF) show that February construction spending has hit its lowest point since 2002, a reminder that the real estate market is still in a troubled state.

Spending fell by 1.3% to $846.23 billion. Residential home building, commercial ventures and government projects were among the sectors where spending declined.

About the author

Daryl Paranada is the associate web producer for Marketplace overseeing all daily website content and production, as well as producing multimedia features -- including the popular economic explainer series Whiteboard -- and special projects. Follow him on Twitter @darylparanada.

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