Construction Spending Down 0.8%

Washington, DC, March 1, 2007Private residential construction spending fell for the tenth month in a row in January, the Commerce Department said Thursday, as total construction spending dropped 0.8%.

Spending on private residential construction products dropped by 1.8% in January, following a 1.0% drop in December and a 1.4% drop in November.

The overall drop in construction spending was more than expected.

Economists were looking for a decline of 0.5% in January.