Construction Spending Drops 0.6%

Construction spending fell 0.6% in January, the Commerce Department reported.

The decline to a $884.1 billion level for the month followed a 1.2% drop in December which held at the same level after revision, Commerce said.

December marked the ninth straight downturn. The drop matched economists' forecasts, Bloomberg reported.

Private residential construction rose 1.3%, while spending on non-residential construction projects fell 2.1%. Public construction declined 0.7%.

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