Construction Spending Plunged in July

Tuesday September 4, 4:02 pm ET
By Martin Crutsinger, AP Economics Writer Construction Spending Falls in July by Largest Amount Since January

WASHINGTON (AP) -- Construction activity plunged in July by the biggest amount in six months as spending on homes fell for a record 17th straight month.

The Commerce Department reported Tuesday that construction spending dropped 0.4 percent in July, compared with June, the weakest showing since a 0.6 percent fall in January.