News Summary: US construction spending falls
BIG DROP: Spending on U.S. construction projects fell 1.7 percent in March as the biggest drop in government projects in more than a decade overwhelmed strength in home building. It was the second decline in the past three months.
THE CULPRITS: Government construction activity fell 4.1 percent, the biggest drop since March 2002, while private nonresidential building was down 1.5 percent. Private residential construction rose 0.4 percent.
ANOTHER VIEW: Even with the recent weakness, construction activity was 4.8 percent higher in March than a year ago at a seasonally adjusted $856.7 billion.
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