Construction spending sinks to $968.7 billion annualized rate

According to figures released by the U.S. Census Bureau yesterday, construction spending has sunk quite a bit from last year. It’s no surprise considering the current economy, but just how bad is it?

The Portland Business Journal reports that construction spending sank to an annualized rate of $968.7 billion in April, 10.7 percent lower than the pace of construction a year ago.

In the first four months of the 2009, there was $286.3 billion of construction, 11.3 percent lower than the same period in 2008, according to the report.

Despite the stimulus money that’s been put into the ecomony, it appears that the overall construction industry still has some big hurdles to get around before it’s business as usual.