FXstreet.com (Barcelona) - Construction spending declined somewhat in November, although less than expected, due to an increase in outlays in commercial and government sectors.
Total construction spending declined 0.6% in a seasonally adjusted basis in November, to an annual rate of $1.078 trillion, according to data released by the U.S. Commerce Department. Market analysts had advanced construction spending to decline 1.3% in November.
Spending for October has been revised up to a 0.4% decline from the 1.2% negative previously released.
Spending in residential construction fell 4.1% i8n November, following a 2.2% decline in October, revised up from the 3.5% decline previously estimated. Year on year, residential construction spending fell 22.8%.
Non-residential construction spending rose 1.0% in November, as outlays for roads, public safety facilities, hotels and office buildings increased.