Construction Pace Declines Further
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WASHINGTON — Construction spending fell 0.7% in April for the second consecutive month, the government said. Analysts said the report signaled a weakening building industry.
The Commerce Department said residential, non-residential and government construction spending totaled a seasonally adjusted annual rate of $432.4 billion in April. The revised 0.7% March decline was improved from the 1.4% drop first reported last month.
The decreases in March and April spending followed gains of 3.2% in February and 2.4% in January and resulted in the loss of 159,000 construction jobs.
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