Construction Spending Declines 0.4% in December

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U.S. construction spending fell 0.4% December, the Commerce Department said Wednesday.The drop followed a 0.1% increase in November that was originally reported as a 0.2% decline, Commerce said.Economists had forecast no change in December’s level, Bloomberg reported.Private residential construction spending fell 1.6%, for a ninth straight decline. Home construction in the fourth quarter dipped 19.2%, Bloomberg reported.Private non-residential construction rose 0.9% and was 14.5% higher than a year earlier.Total non-residential construction including public projects increased 0.8% in December. Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.