U.S. Construction Spending Dips Again

U.S. construction spending fell for the eighth consecutive month, declining 0.2 percent in November, according to statistics released by the U.S. Department of Commerce.

The decrease in total spending was driven in part by a 1.6 percent decrease in residential construction in the month of November, which follows an even bigger drop of 1.7 percent in October.

Private nonresidential and public construction sectors faired better in November, but not enough to offset the decline in the private residential market. Private nonresidential construction spending increased 1.4 percent in the month of November, while educational construction increased 2.3 percent. Highway construction also saw a small increase of 0.4 percent.