Sluggish Commercial Construction Sinks May 2009 Building, Says Census Bureau

The U.S. Census Bureau of the Department of Commerce said construction spending during May 2009 was estimated at a seasonally adjusted annual rate of $964 billion, 0.9 percent below the revised April estimate of $972.5 billion. The May figure is 11.6 percent below the May 2008 estimate of $1,090.7 billion. During the first five months of this year, construction spending amounted to $368.8 billion, 11.7 percent below the $417.5 billion for the same period in 2008.

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