Construction Spending Continues its Decline in November

Construction spending in the United States continued to decline in November, falling by 0.6% month-over-month, according to the U.S. Department of Commerce.

The consensus had forecast construction spending in November to decline by 1.4%. The total construction figure for October was revised upward to -0.4% from -1.2%.

Residential construction fell by 4.1%, a further drop from last month's 2.1% decline, while non-residential construction grew 1.0%, up from the 0.5% increase in the prior month.

The report also noted a 1.5% decline in private construction and a 1.4% increase in public construction, which came in at -1.2% and 1.7%, respectively, in October.

By Steve Stecyk and edited by Sarah Sussman
©CEP News Ltd. 2009