U.S. construction spending unexpectedly fell in December as investment in both private and public projects dropped, the Commerce Department said yesterday. Construction spending declined 0.6 percent after an 0.8 percent increase in November.
All told, construction spending increased 4.1 percent in 2018, which is the weakest number for that figure since 2011. In December, spending on private construction projects fell 0.6 percent after rising 1.3 percent in November; investment in private residential projects dropped 1.4 percent after rising 3.4 percent in November.
The government reported the economy grew at a 2.6 percent annualized rate in the October-December period, which was strong but down somewhat from the third quarter's 3.4 percent pace. The slowing construction figures may have had something to do with that.
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