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US: Home construction spending falls 28%

Posted on 02 October 2008

From Inman News: The August rate of spending on residential construction projects dropped 27.9 percent compared to August 2007, the U.S. Census Bureau announced. The seasonally adjusted annual rate of spending on private residential construction projects was $343.6 billion in August, up 0.3 percent compared to the July rate.

This rate, a projection of a monthly spending total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity, had declined for 16 consecutive months prior to August….. Full Article: Source


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