Washington, DC, December 1, 2006--Spending on construction projects dropped by 1.0% in October, as outlays on private residential construction matched a low hit in July 2006, the Commerce Department said Friday.
Private residential construction spending fell by 1.9% in October, the latest evidence the housing market has pulled back sharply.
Private construction spending dropped by a sharp 1.5% in October.
Spending on private nonresidential construction projects fell by 0.7%.
The decline in overall construction spending beat the 0.3% drop expected by economists.
