CONSTRUCTION SPENDING DROPS TO 2002 LEVELS, AS PRIVATE RESIDENTIAL, NONRESIDENTIAL AND PUBLIC CONSTRUCTION ALL DECLINE

Single-family and Power Construction are Only Bright Spots, Says Industry Economist Simonson 

Construction spending tumbled in February by $11.6 billion, or 1.3 percent, to $846 billion, a low last recorded in 2002, according to an analysis of new federal figures by the Associated General Contractors of America.  Declines occurred relative to both the month before and February 2009 in most categories of private residential and nonresidential construction, as well as public construction, the association's chief economist Ken Simonson noted.

(more…)