Construction Spending Falls in January

Washington, DC, March 1, 2013 -- Construction spending in the U.S. fell unexpectedly in January, according to the Commerce Department.

The decline followed the biggest followed the biggest back-to-back gain in a year, reflecting sluggishness in nonresidential and government projects.

Spending fell 2.1%, the biggest decrease since July 2011, to an $883.3 billion annual rate.

Economists forecast a 0.4% increase.

Figures for December and November were revised up to show gains of 1.1% and 1.9% respectively.

Public construction dropped to the lowest level since November 2006.

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