Construction spending fell 1.3% in February to a seasonally adjusted annual rate of $846.2 billion, the fourth consecutive monthly decline, the Commerce Department reported Thursday.
Private construction fell 1.2% and private residential construction declined 2.1%. Economists expected construction spending to fall 1.0%.
Construction spending in January fell 1.4%, revised lower from the 0.6% decline initially reported.
Construction spending fell 3.4% in December and 2.5% in November, both revised lower from an initial 1.2% decline. Spending for October was revised to a 1.5% increase from a 0.5% dip.
