Construction Spending Dips in January

Construction spending slipped 0.1% in January, the first decline since July, the Commerce Department said Thursday.

The decrease followed a revised 1.4% gain in December that was slightly lower than originally reported, Commerce said.

Economists had forecast a 1% increase in January, Bloomberg reported.

Private construction spending was unchanged, while homebuilding spending gained 1.8%.

Public construction declined 0.2%, with federal construction spending falling by 5.5%.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.