The U.S. Department of Commerce reported today that construction spending during November 2015 unexpectedly dropped 0.4% lower than previously estimated. It was expected that spending would rise by 0.7%.
The unexpected drop was partly due to a major slow down in government-built schools and infrastructure. This reading marked the first decline in construction spending in nearly 18 months. Despite the monthly decrease, the November 2015 construction spending total is 10.5% above the November 2014 figure.
Private construction spending rose a modest 0.3% in November led by home-building.
A more in depth look at the U.S. Department of Commerce figures can be found here.