Construction Spending Off 1.2%

Construction spending fell 1.2% in March, the biggest decline in more than a year, as housing activity edged down slightly and industrial building took a much steeper plunge, the government reported today.

The Commerce Department said new construction totaled $354.6 billion at a seasonally adjusted annual rate in March, down $4.3 billion from the February level, when spending had risen by 1.1%.