Lackluster construction report
Total nonresidential construction spending decreased in January to $566.4 billion, a drop of 0.8 percent from December, according to the March 1 report from the U.S. Commerce Department. However, total nonresidential construction spending was up 7.9 percent from January 2011. The figures were “rather disappointing,” said Associated Builders and Contractors Chief Economist Anirban Basu. “Because of January’s unseasonably warm temperatures across much of the nation, it seemed likely nonresidential construction volumes would increase.”
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