The American flag flutters in the wind as work is done on the roof of a building under construction in Sacramento, Calif., Tuesday, March 31, 2020. While most Californian's have spent more than a week under a mandatory stay-at-home order, because of the coronavirus, construction work is among the jobs exempt as part of the "essential infrastructure." (AP Photo/Rich Pedroncelli)
WASHINGTON (AP) — Spending on U.S. construction projects fell 1.3% in February with housing and nonresidential construction both showing weakness even before the coronavirus struck with force in the United States.
The Commerce Department said Wednesday that the February decline followed a 2.8% rise in construction in January. Economists are forecasting more declines to come, especially in housing activity as the stay-at-home orders in much of the country crimp home sales.
Home construction fell 0.6% in February with the weakness coming in home remodeling projects. Construction of single-family homes and apartments both showed gains.
Spending on nonresidential projects was down 2% with declines for office buildings, hotels and the category that covers shopping centers.
Government spending, which covers state and local building projects and the federal government, dropped 1.5%.
The various changes left total construction spending at a seasonally adjusted annual rate of $1.37 trillion, up 6% from a year ago.
7 Stocks That Aggressive Investors Can Buy Now
There’s nothing like a steep market correction to test the risk appetite of even the most seasoned investor. With many investors seeing their 401k’s down 25%, 30% or more, it’s not surprising that many investors are taking money off the table.
And even during the most bullish market conditions, keeping some powder dry is a prudent decision.
But if you have an above-average risk appetite, then sitting on the sidelines is not your cup of tea. If you’re an investor with above-average risk tolerance, there are some opportunities to profit in this market. But you have to be looking in the right places.
At this time, the small-cap sector offers some interesting choices. Small-cap stocks are companies that have a market cap of less than $2 billion. Many of these stocks fall under the category of penny stocks, but that doesn’t make them bad. In some cases, they’re just obscure companies.
But right now, many investors will take growth wherever they can get it. And that’s why you should take a careful look at the 7 stocks we have in this presentation. The cost of entry is not high and the potential reward is worth your interest.
View the "7 Stocks That Aggressive Investors Can Buy Now".