Construction Spending Falls in July
Washington, DC, Sept. 4, 2012 -- U.S. construction spending fell in July by the largest amount in a year, hurt by a big decline in spending on home improvement, according to the Commerce Department.
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The government said construction spending fell 0.9% in July after three months of increases.
Those increases were largely in home and apartment construction. New home construction rose again in July, but home renovation spending fell by 5.5%.
Spending was also down for non-residential projects and government construction projects as well.
The July decrease left spending at a seasonally adjusted annual rate of $834.4 billion, up 11.8% from a 12-year low in February 2011.