US Construction Spending falls 0.4 %

Tuesday, January 5th, 2016
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US construction spending fell for the first time in 17 months in November, reflecting weakness in spending on hotel and other private non-residential construction and government projects.

The Commerce Department has reported construction spending dipped 0.4 per cent in November following a 0.3 per cent increase in October.

It was the first decline in activity since a 0.7 per cent dip in June 2014.

Home construction posted an increase of 0.3 per cent but non-residential construction was down 0.7 per cent, reflecting declines in a variety of categories including hotels, shopping centres and manufacturing plants.

Government construction was also down in November.

State and local spending fell 0.4 per cent and the smaller federal category dropped 7.2 per cent.

Construction, fuelled by gains in housing, has been a positive for the economy and analysts look for further support in 2016.

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