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February 2, 2010

Construction spending drops sharply in Dec.

WASHINGTON (AP) — Construction spending dropped sharply in December to its lowest level in more than six years as new home building fell by the steepest amount in seven months, evidence that housing remains a weak spot in the economy.

The Commerce Department said Monday that spending on new homes, office buildings and highways fell by 1.2 percent to a seasonally adjusted annual rate of $902.5 billion, the lowest since August of 2003. That's much worse than analysts' expectations of a 0.5 percent drop.


 
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