U.S. construction spending barely up as homebuilding tumbles

U.S. construction spending barely rose in February as outlays on private residential construction projects recorded their biggest decline in seven months, a sign that severe weather continues to hobble the economy. Construction spending edged up 0.1 percent to an annual rate of $945.7 billion, the Commerce Department said on Tuesday. Construction spending in January was revised to show a 0.2 percent drop instead of the previously reported 0.1 percent gain. Construction spending in February was curbed by a 0.8 percent drop in private residential construction projects, which was the largest fall since last July.

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