Construction Spending Falls 1.1%

Construction spending fell 1.1% December, the Commerce Department said Friday.

The downturn was the biggest drop in more than a year and followed a 0.4% decline in November, the department said.
 
Economists had forecast a 0.5% drop in spending, Bloomberg reported.

Private residential construction spending fell 2.8% following a 3% decline in November, Commerce said.

Public construction fell 1.5%, led by declines on highways, schools and transportation projects.

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