WASHINGTON - 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 today.
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Private construction fell 0.6%, the tenth 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.
Public construction declined 0.7% as state and local construction fell 0.9% and federal construction increased 1.9%.
