Construction Spending Declines in November

Washington, DC, Jan. 4, 2010--Construction spending fell 0.6% in November, the Commerce Department reported Monday, as spending on housing and public works decreased.

It was the seventh straight monthly decline in spending. Outlays are down 13.2% compared with a year earlier.

Economists were expecting a decline of 0.7% in November.

There was also a downward revision to October spending. The government said spending fell 0.5% in October, compared with the initial estimate of no change.

In November, spending on private-sector projects fell 0.7%, while public spending fell 0.4%. Private home construction fell 1.6%.

Spending on nonresidential private projects inched lower for the eighth consecutive monthly decline.