WASHINGTON — Construction spending dropped by a seasonally adjusted 0.7% in January as the level of private nonresidential spending hit the lowest level in more than six years, the Commerce Department reported Tuesday.

Total construction spending for December was revised higher to a drop of 1.6%, up from the 2.5% decline reported last month.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.