WASHINGTON - Spending on U.S. construction projects edged down a slight 0.2% in December, closing out a year when total construction registered its first annual decline in eight years. For the year, construction spending fell 0.3%, the first setback since a 2.6% decrease in 2011. The fall-off reflects weakness in nonresidential construction, which fell 1.8%, the sharpest setback drop since April. The 0.3% drop in construction spending for 2019 followed eight straight years of gains and left total spending at $1.3 trillion in 2019, down from $1.31 trillion in 2018, a year when spending had risen 3.3%. For last year, home building was down 4.7% while nonresidential construction was basically flat and public construction posted a 7.1% increase.

Source: thestar February 03, 2020 15:33 UTC