Construction Spending Continues To Drop

Washington, DC, Aug. 1, 2008--U.S. construction spending fell by 0.4 percent in June, the Commerce Department reported Friday. The decline was due to weaker outlays on housing and state and local construction.

Economists were expecting construction spending to decline by 0.3 percent in June.

Year over year, construction spending is down by 5.9 percent. Private residential construction fell by 1.8 percent in June, continuing a long decline that reflects the weak housing market. State and local construction spending declined by 0.4 percent.