Construction spending drops in Europe

Construction spending dropped in Europe in September, the European Union's statistical office Eurostat said Monday. Spending dropped 1.4 percent in the 17-member eurozone compared with August and 1.8 percent in the 27-member European Union, month to month, the data office said. Compared to September 2011, however, spending fell even further, dropping 2.6 percent in the eurozone and 5.8 percent in the EU, Eurostat said. On an annual basis, construction outlays fell furthest in Portugal, Italy and Poland, down 18.2 percent, 17.8 percent and 16.7 percent, respectively. Construction made gains of 4.5 percent in Sweden and 4 percent in Germany, the sharpest annual increases.