Construction Spending Up 0.9%
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Associated Press
WASHINGTON — Construction spending rose a modest 0.9% in January as a healthy gain in new home and apartment building offset weakness in factory construction, the Commerce Department said today.
Construction of homes and apartments climbed 1% to an annual rate of $152.8 billion while non-residential building fell by 1%. Spending on construction had risen by 2.6% in December. In dollar terms, construction spending in January totaled $357.3 billion at a seasonally adjusted annual rate.
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