Construction Spending Falls Again in October

Washington, DC, November 30, 2007—Spending on construction continued its decline in October, according to the Commerce Department

Construction spending dropped by 0.8% in October, following a revised gain of 0.2% in September.

Spending is down by 0.6% over last year.

Construction spending on private housing dropped 2% in October, for its 20th consecutive decline. It’s also down 15.8% from a year ago.

Commercial construction spending fell 0.5%, the most in nearly a year. In September 2006 it fell by 0.8%.

However, spending on federal construction projects rose by 8.2% after falling by 7.5% a month earlier.

Public construction spending rose by 0.8%, following a 1.2% rise in September.