Construction spending falls, led by housing

Spending on construction of private residences drops 4.6% in March, the largest decline on record.

Construction spending dropped sharply in March, with housing activity plunging by the largest amount on record.

The Commerce Department reported Thursday that construction spending fell by 1.1% to a seasonally adjusted annual rate of $1.12 trillion. It marked the fifth decline in the past six months. Building activity has fallen sharply in the face of a steep slump in housing and economic slowdown in other areas.

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