Construction spending takes January dip

03/1/2007 | Bloomberg

Spending on residential and non-residential construction in the U.S. fell by 0.8% in January as homebuilding saw its largest decline since July, according to new figures from the Commerce Department. The drop followed a revised 0.6% increase in spending in December as homebuilders delayed projects due to cancellations of new home contracts and growing inventories of unsold homes.

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