Construction spending in the U.S. fell by 0.2% in December, to a seasonally adjusted annual rate of $1.181 trillion, according to the U.S. Dept. of Commerce’s Census Bureau. This was a 4.2% increase year-over-year compared to December 2015.
The small month-to-month drop was due to an uptick in private construction spending being offset by a drop in public construction spending. The 0.2% decline in spending comes after November's $1.184 trillion in construction spending, the highest level since 2006.