Construction Spending Edges Down in November

Washington, DC, Jan. 2, 2015 — U.S. construction spending unexpectedly fell in November, according to the Commerce Department.

Construction spending fell 0.3%, the first decline since June, to an annual rate of $975 billion.

October’s spending was revised higher to show a 1.2% gain instead of the previously reported 1.1% increase.

Economists had forecast that construction spending would rise 0.3% in November.