Construction Spending Declines for Third Straight Month

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U.S. construction spending fell for a third straight month in November, declining 0.2%, the Commerce Department said Wednesday.The decline followed a 0.3% dip in October that was smaller than initially reported, Commerce said.The decline was not as great as economists’ forecasts of a 0.5% downturn, Bloomberg reported.Private residential construction spending fell 1.6%, an eighth straight decline. Private non-residential construction rose 1.4% in November and was 18% higher than a year earlier.Total non-residential construction including public projects increased 1.2% in November. Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.