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.