WASHINGTON–Spending on residential construction declined again in February, following a months-long trend, and reinforcing a widely held view that the economy is heading toward recession.
The U.S. Commerce Department reported this morning that total expenditures for the construction of homes during the month fell 0.9 percent to $463.8 billion. When compared with the same month last year, the decline was nearly 18.6 percent. All figures are seasonally adjusted at an annual rate.
Although some government-sponsored building expenditures increased, more than 98 percent of residential construction today derives from the private sector.