Construction Spending Falls 1.7%

Construction spending fell 1.7% in January, the Commerce Department said Monday.

The downturn was the biggest drop in 14 years and was more than twice the 0.7% decline forecast by economists, Bloomberg reported.

December’s spending fell by a revised 1.3% that was higher than the 1.1% decline originally reported.
 
Private residential construction plunged 3% following a 2.6% decline in December, Commerce said.

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