Construction spending falls, manufacturing grows a little

The economic recovery is happening at a very slow and not especially steady pace, according to new indicators that include construction spending sliding to a 7-month low and ever-so-slight improvement in the manufacturing sector.

Construction spending in February fell 1.1% to an annual rate of $808.9 billion – the lowest amount since October, according to the Commerce Department.

That makes for the second straight monthly decline after the 0.8% dip in January, even though February’s rate is up 5.8% compared with the same month in 2011.

But last month, spending for private and government projects was down in 0.8% and 1.7% tumbles, respectively. Residential spending remained flat while nonresidential construction expenditures shrank 1.6%, including a 3.9% month-over-month plunge for amusement and recreation sites.

Read Full Article from Los Angeles Times

- Posted: 2012-04-02 11:54:38

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