US construction slump?
The US government confirmed last Monday that, during August, the US construction spend dropped at the fastest pace in a year.
The decrease of 1.1% was blamed upon the slump in factory and non-residential building. Construction of offices fell 6.2%; building of industrial projects lost 7.5%.
The figures show that the American economy was already slowing down before the terrorist attacks of September 11. However, activity in the construction sector in August was still up by 5.2% on last year.