Housing construction activity tumbles in March

"Construction spending dropped sharply in March, with housing activity plunging by the largest amount on record.

The Commerce Department reported Thursday that construction spending fell by 1.1 percent to a seasonally adjusted annual rate of $1.12 trillion. It marked the fifth decline in the past six months. Building activity has fallen sharply in the face of a steep slump in housing and economic slowdown in other areas."

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Housing construction activity tumbles in March