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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Kenneth E. Phillipps who wrote (128607)4/2/2012 10:07:34 AM
From: TideGlider1 Recommendation   of 224748
 
DATA SNAP: US Construction Spending -1.1% In Feb
Last update: 4/2/2012 10:00:00 AM
===========================================================    Construction Spending      Feb     Jan   ! Consensus:    !     Overall Spending         -1.1%   -0.8%r !        +0.7%  !     Residential              Unch    -0.1%r ! Actual:       !                                             !        -1.1%  !   ===========================================================         By Eric Morath and Tom Barkley      Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--Spending on construction projects in the U.S. fell for the second consecutive month in February, showing the struggling sector is failing to build upon the momentum seen late last year.
Construction spending decreased by 1.1% in February--the biggest drop since July--to a seasonally adjusted annual rate of $808.86 billion, the Commerce Department said Monday. And spending in January was revised down to a 0.8% loss from an originally reported 0.1% decline.
Economists surveyed by Dow Jones Newswires had forecast a 0.7% gain for February.
Private nonresidential construction--including office, commercial and infrastructure building--drove the decline, falling 1.6% in February to $280.84 billion. That loss came on top of a 2.3% decline in the category in January.
Overall private-sector spending on construction decreased 0.8% in February to $527.29 billion.
The building industry suffered greatly during the financial crisis, shedding more than 2 million jobs between 2006 and 2011. But more recently, the sector has somewhat regained its footing, adding nearly 100,000 jobs in the past year as construction projects have restarted in many areas of the country.
But Monday's report showed spending on residential construction stayed flat in February at $253.46 billion. Private residential spending was also unchanged.
January's overall residential construction was revised down to a 0.1% loss from an originally reported 1.6% gain.
A glut of cheap, foreclosed homes still on the market is keeping interest in new homes in check. But a report last month showed demand may be picking up as building permits reached their highest levels in nearly 3 1/2 years.
Federal government spending on construction rose 1.9% to $27.70 billion in February. Spending by state and local governments, however, fell by 2.1% to $253.87 billion. All levels of government are likely to be under pressure to tighten spending this year.
The Commerce Department report on construction spending can be found at census.gov 
-By Eric Morath and Tom Barkley, Dow Jones Newswires; 202-862-9279; eric.morath@dowjones.com

(END) Dow Jones Newswires
April 02, 2012 10:00 ET (14:00 GMT)
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