The Real Deal Miami

Construction spending fall not as bad as expected

April 01, 2009 11:47AM

Construction spending overall fell
for the fifth straight month in February, according to the Commerce
Department, but the decline was not as steep as economists expected. Construction spending decreased .9 percent, while economists expected at 1.5 percent drop. The February drop
reflected a 4.3 percent decline in housing construction, which pushed the
level down to the lowest in 11 years. Non-residential construction,
however, rose .3 percent in February, a slight rebound following a 4.3
percent drop in January.