Residential Improvement Spending Drops

Expenditures for improvements and repairs of residential properties dropped in the second quarter 2003 to a seasonally adjusted annual rate of $173.2 billion, according to the U.S. Department of Commerce.This estimate is 3.6 percent below the first quarter 2003 estimate of $179.7 billion. Spending on maintenance and repairs was at a seasonally adjusted annual rate of $41.0 billion in the second quarter 2003; improvements amounted to $132.2 billion.