US construction spending fell more than expected in November to its lowest level in over six years, dragged down by a sharp decline in private home building, government data showed on Monday.
The Commerce Department said construction spending fell 0.6 per cent, declining for a seventh straight month, to US$900.1bn, the lowest level since July 2003. October’s construction spending was revised down to show a 0.5 per cent drop, instead of being flat as the government previously reported.
Spending on private home building dropped 1.6 per cent in November, the biggest decline since June, after rising 4.8 per cent the prior month, the department said. Spending on public construction projects fell 0.4 per cent in November after being flat in October. Spending on healthcare, highways and streets fell from October, while investment in power and communication projects increased, the department reported.