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Updated:
2/1/2010 10:10:00 AM
Construction Spending Falls 1.2%
Construction spending fell 1.2% in December, the Commerce Department said Monday.
The decline to a $902.5 billion level for the month matched November’s 1.2% drop which was bigger that originally reported, Commerce said.
December marked the eighth straight downturn. Economists had forecast spending would fall 0.5%, Bloomberg reported.
Private residential construction fell 2.8%, while spending on non-residential construction projects fell 0.5%. Public construction fell 1.2%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
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