Friday, May 2, 2008

March Residential Spending Slumps 20%

Residential construction spending fell 19.7% in March compared to the same month last year to a seasonally adjusted annualized rate of $451.4 billion, according to the most recent figures from the Census Bureau. That mark was down 4.8% from February's pace.
Through the first quarter of 2008, residential spending totalled almost $95.8 billion, down 19.1% from the same period last year.

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