Contruction Spending Drops 1.0% in July

The Commerce Department reported Wednesday morning that construction spending dropped 1.0 percent percent in July. “The U.S. construction spending during July 2010 was estimated at a seasonally adjusted annual rate of $805.2 billion, 1.0 percent below the revised June estimate of $813.1 billion. The July figure is 10.7 percent below the July 2009 estimate of $901.2 billion.”