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Construction spending falls 1.8 percent in June

Published on NewsOK Modified: August 1, 2014 at 9:08 am •  Published: August 1, 2014
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WASHINGTON (AP) — U.S. construction spending fell in June by the largest amount in more than three years as housing, non-residential construction and government spending all weakened.

The Commerce Department says construction spending dropped 1.8 percent in June on a seasonally adjusted basis after rising by a revised 0.8 percent in May. It was the biggest setback since a 2.8 percent fall in January 2011.

The weakness was widespread with spending on housing down for a second straight month, falling 0.3 percent, while non-residential building activity fell 1.6 percent, the biggest decrease since January. Spending on government projects dropped 4 percent, the biggest decline in more than a decade.

The June performance represented a setback to hopes stronger construction activity will help support overall economic growth.


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