Tuesday, July 1, 2008

May Residential Construction Spending Falls 27%

Spending on residential construction in May fell 26.9% from the same month last year to a seasonally adjusted annualized rate of $385.9 billion, according to the Census Bureau. For the first five months of this year, some $150.9 billion worth of homes have been built, 27.0% below the same period in 2007.

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