WASHINGTON — Construction spending fell 2.1% to a seasonally adjusted estimated annual rate of $883.3 billion in January, the Commerce Department reported Friday.

The January rate decreased from a revised December estimate of $902.6 billion, originally reported as $884.9 billion. The monthly decline was the sharpest since a 3% drop reported in July 2011, but the January mark was still 7.1% above the $824.7 billion estimate for the same month one year ago.

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.