Construction Spending Slips for Second Month
Construction spending fell 0.4% in September, the second straight decline, the Commerce Department reported Nov. 3.
The downturn to a $950.9 billion annual rate followed a 0.5% drop in August that was originally reported as a 0.8% decline.
Economists’ median forecast for September was for a 0.7% increase, Bloomberg News reported.
Private construction spending dipped 0.1% to $680 billion, with residential spending up 0.4% and nonresidential down 0.6%.
Public construction spending dropped 1.3%, led by a 1.4% downturn in state and local spending. Federal construction spending slipped 0.3%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
