Jan. Construction Spending Falls 1.1%

Construction spending decreased 1.1% in January, the Commerce Department said Monday, and is 1.8% above the January 2014 level.

In December, construction spending rose a revised 0.8%, first reported as a 0.4% increase.

Spending on private construction fell 0.5% in the month, while public construction dropped 2.6%.

Residential construction gained 0.6% and single-family housing climbed 0.6% in the month.

Multi-family housing increased 1.9%.

Economists polled by Thomson Reuters predicted a 0.3% rise in construction spending.

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