Commerce Deartment figures released last week show construction
spending in the United States down 0.1% overall, with sharp downturns in
factory, hotel and power plant construction. A deep decline in federal
government construction spending was partly offset by increases in state and
local government construction outlays.
Residential building rose 1.8%, led by considerable gains in single family home construction. The current pace of overall construction spending remains 32% lower than it was at the height of the housing construction boom.
