Residential construction spending fell in April, the Commerce Department recently reported. According to an Associated Press story on Page M3, that's the 26th month in a row that number has dropped.
Robert Lindsey was not surprised by new data that showed new home sales have fallen more than 40 percent from their peak almost three years ago.
"We're literally losing money every month," said Lindsey, general manager of Signature Drywall Inc., in Sacramento, which installs drywall in new homes and apartments in the Sacramento and San Francisco areas.
In 2005, the firm raked in some $30 million in sales. Last year, sales were less than half that, and this year Lindsey hopes he can make $8 million.
"It's kind of like bleeding to death," he said.