Construction Spending Declines 0.6% in January

Construction spending declined 0.6% in January to a seasonally adjusted annual rate of $884.1 billion, the fourth consecutive monthly drop, the Commerce Department reported yesterday.

Private construction fell 0.6%, the 10th straight monthly decline. Private residential construction increased 1.3% and nonresidential construction fell 2.1%.

Economists expected construction spending to fall 0.7% in January, according to the median estimate from Thomson Reuters.

December total construction spending was unrevised at a 1.2% decrease.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER