Construction Spending Dips in December

Washington, DC, Feb. 1, 2011 -- Construction spending declined 2.5% in December, marking the second decline in a row, the Commerce Department reported Tuesday.

Economists had forecast spending to rise 0.1%.

Spending for November was also revised lower, to a decline of 0.2% from an originally reported gain of 0.4%. For all of last year, construction spending ended up 10.3% lower compared to 2009.