Construction Spending Falls 1.4%

Construction spending fell 1.4% in December, the Commerce Department said Monday.

The downturn followed a revised 1.2% drop in November, and was bigger than the 1.2% decline forecast by economists, Bloomberg reported.

Private residential construction fell 3.2%, while non-residential construction projects, including public spending, fell 0.6%.

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