Construction Spending Drops to 2002 Levels

Construction spending tumbled in February by $11.6 billion, or 1.3 percent, to $846 billion, a low last recorded in 2002, according to AGC's analysis of new federal figures. Declines occurred relative to both the month before and February 2009 in most categories of private residential and nonresidential construction, as well as public construction, AGC's chief economist Ken Simonson noted. Read the press release here.