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Construction spending falls by 0.1%

Posted on Friday, March 2nd, 2012 at 6:27 pm    

Spending in the United States construction industry fell by 0.1 percent in January 2012. This is the first time that the spending has dropped in more than six months.

The overall spending in January, adjusting for seasonal changes, was recorded at $827 billion. Although, the spending in January had declined, the December spending in the industry rose by 1.4 percent. The drop in federal and nonresidential construction are two reasons why the amount of spending in the first month of 2012 saw a decline.

Even though the spending is down, employment in the construction industry is rising. In January, there was an increase of 21,000 job opportunities. There are slow signs of improvement across the board in the industry, with residential real estate markets on the incline as well.

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