Construction spending fell 1.7% in January, the Commerce Department said Monday.
The downturn was the biggest drop in 14 years and was more than twice the 0.7% decline forecast by economists, Bloomberg reported.
December’s spending fell by a revised 1.3% that was higher than the 1.1% decline originally reported. Ìý Private residential construction plunged 3% following a 2.6% decline in December, Commerce said.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
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