WASHINGTON -- Construction spending fell in September as home building declined for a sixth consecutive month, the longest stretch of weakness in residential construction in more than a decade.
The Commerce Department said that spending on construction projects dropped by 0.3 percent to a seasonally adjusted annual rate of $1.196 trillion in September. It was the biggest decline since a 0.7 percent fall in July and the fifth month in which overall construction activity has either declined or been flat.
Housing was down 1.1 percent in September, reflecting the steep slump in this once booming sector as builders have slashed construction plans in the face of slumping sales demand.
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