Construction spending dropped 1.1% in February, according to the Commerce Department. The numbers were a disappointment to most analysts
In all probability, builders continue to watch a drop in home prices which was most recently seen in the S&P/Case-Shiller Index. Foreclosures are also running at a brisk pace according to new data from Corelogic and RealtyTrac.
Record low interest rates have not drawn buyers into the market, because, they too believe the home prices have further to fall. No one wants to have negative equity in a home just a year after a purchase.
The number is also an indication that unemployment in the construction industry, among the highest of any sector, is not likely to improve, which will put a drag on the jobs recovery.
Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.