February Construction Spending Drops 0.3%

Construction spending declined for a fifth straight month in February, falling 0.3% from January, the Commerce Department said Tuesday.

The downturn followed a revised 1% decline in January.

Economists had forecast a 1% decline in February, Bloomberg reported.

Private residential construction fell 0.9%, following a 1.9% decline in January, Commerce said.

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