CONSTRUCTION SPENDING SINKS TO 10-YEAR LOW IN JULY AS INVESTMENTS IN PROJECTS ARE NOW 34 PERCENT BELOW FEBRUARY 2006 PEAK

Private Sector Caution, Plus Local and State Budget Cuts, Overwhelm Benefits of Stimulus, Construction Trade Association Notes in New Analysis of Spending Data Released by Federal Officials Today

Total construction spending declined to a 10-year low of $805 billion in July, as investments in construction projects dropped 1.0 percent from a downwardly revised June total, the Associated General Contractors of America said today in an analysis of new Census Bureau data.  Association officials noted that the new figures show depressed private sector activity, and local and state budget cuts are offsetting stimulus-funded construction spending.

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