Construction Dips, But Stocks Of Builders Rise
Posted on January 02, 2013 at 12:07 PM EST
Construction spending took an unexpected drop in November, its first decline in eight months. Despite the weak report, building stocks rose along with the overall market following passage of a fiscal cliff deal. The Commerce Department said spending in the construction sector slid 3% compared to the same month a year earlier, to an annual rate of $866 billion. Analysts were expecting a 0.6% rise. Among top homebuilders in the