CONSTRUCTION SPENDING DROPS BETWEEN JULY AND AUGUST BUT REMAINS ABOVE LAST YEAR’S RATE AS RESIDENTIAL, LODGING AND EDUCATION CONSTRUCTION SURGE

WASHINGTON, D.C. – October 1, 2012 – (RealEstateRama) — Construction spending declined between July and August to an annualized rate of $837 billion, but increased compared to August 2011, according to an analysis of new federal data released today by the Associated General Contractors of America. Association officials noted that growing demand for residential, lodging and education construction in particular offset drops in public construction spending.