News In Brief

Construction spending hits eight-year low

Daryl Paranada Apr 1, 2010

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.

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