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U.S. markets recover from steep losses
WASHINGTON, Sept. 1 (UPI) -- Construction spending plummeted by the largest amount in nearly five years, the U.S. Commerce Department reported Friday.
Construction activity fell to a seasonally adjusted annual rate of $1.20 trillion in July, down 1.2 percent from the revised June level of $1.214 trillion, the department said.
The fall amounted to the steepest one-month decline since a 1.3 percent slide in August 2001, when the economy was in a recession.
Private residential construction fell 2 percent in July, the fourth consecutive monthly drop in that category. Private residential construction was down 3 percent from July 2005.
By contrast, private nonresidential construction climbed 0.3 percent to a record high level.
Public construction fell 0.7 percent in July to $269.1 billion from the revised June estimate of $271.1 billion.
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