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U.S. Construction Spending Fell 0.9%

Associated Press (09/05/12)

The U.S. Department of Commerce reported Tuesday that U.S. construction spending fell 0.9% in July from the month before, the largest amount in a year. The decline followed three consecutive months of gains driven by increased home and apartment construction. Outlays on single-family homes bumped up 1.5% and spending on apartment construction rose 2.8%, adding to other evidence that suggests the residential real estate market is slowly mending.