Construction spending in the United States continued to decline in January, falling by 2.2% month-over-month, according to the U.S. Department of Commerce.
The consensus had forecast a 1.5% decline. The total construction figure for December was revised downward to -2.2% from -1.4%.
Residential construction fell by 2.8%, a further drop from December's 4.4% decline, while non-residential construction fell 3.5%, down from the 1.5% decline the prior month.
The report also noted a 3.7% decline in private construction and a 2.6% decrease in public construction, which came in at -2.3% and -1.8% in December respectively.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009