Construction Spending Higher Than Expected

Washington, DC, Jan. 5, 2009--U.S. construction spending fell by a seasonally adjusted annual rate of 0.6% in November after an upwardly revised drop of 0.4% in October, the Commerce Department reported Monday.

That drop was less than the expected 1.2% decline analysts has expected.

Spending on residential projects fell 4.1%, while spending on private-sector nonresidential construction rose 0.7%. Total outlays are down 3.3% in the past year.

Private residential construction, which fell 4.2%, reached the lowest level since August 1999.