by Rebecca Walker — January 7, 2009 US construction spending fell by a seasonally adjusted annual rate of 0.6% in November after an upwardly revised drop of 0.4% in October, the Commerce Department reported.
That drop was less than the expected 1.2% decline analysts has expected.
Spending on residential projects fell 4.1%, while spending on private-sector nonresidential construction rose 0.7%. Total outlays are down 3.3% in the past year.
Private residential construction, which fell 4.2%, reached the lowest level since August 1999.
For more information, see the Commerce Department Web site.
