Spending on U.S. construction projects fell in November from October because a steep drop in volatile federal projects offset another gain in home building.
Construction spending dipped 0.3 percent in November, the Commerce Department said Wednesday. It was the first decline since March and followed a 0.7 percent increase in October, which was revised lower.
Total spending declined to a seasonally adjusted annual rate of $866 billion. That is 16.1 percent above a 12-year low hit in February 2011. Even with the gain, the level of spending remained only about half of what’s considered healthy.
JOIN THE DISCUSSION | Register here
We welcome comments. Please keep them civil, short and to the point. ALL CAPS, spam, obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part — and abiding by these simple rules. A thorough explanation of rules of conduct can be found in our Terms of Service. If you have any questions, including why your comment may not be showing immediately after you submit it, be sure to visit the commenting FAQ.