WASHINGTON - 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 today.
Private construction fell 1.2%, the fourth consecutive drop, and private residential construction fell 2.1%, the largest drop in two months.
Economists expected construction spending to fall 1.0%, according to the median estimate from Thomson Reuters.
Construction spending in January fell 1.4%, revised lower from the 0.6% decline initially reported. Construction spending fell in December 3.4% and 2.5% in November of 2009, both revised lower from a 1.2% decline. Spending for October was revised to a 1.5% increase from a 0.5% decline.
Public construction fell 1.7% in February and state and local spending fell 1.8%.
Construction in February was 12.8% below the year-ago level.
