Spending on construction projects fell 3.3% to a seasonally adjusted annual rate of $986.2 billion in January as private construction decreased 3.7%, and public construction slid 2.3%, according to the Commerce Department.

The overall decrease, which was larger than the 1.5% decrease projected by Thomson Reuters, followed a revised December level of $1.020 trillion, a 2.4% decline originally reported as a 1.4% dip to $1.054 trillion.

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