Construction slump shows no sign of improvement
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Source: AP
USA Published 105 day(s) ago
Construction spending in May fell for the 11th time in the past year as a continuing slump in housing offset strength in non-residential building.
The Commerce Department reported Tuesday that construction spending dropped 0.4 percent in May, slightly less than had been expected. There was strength in spending on hotels and office buildings but continued declines in housing, which has been in a slump for two years.
Residential construction dropped 1.6 percent in May, the 25th decline out of the past 26 months.
