U.S. Construction Spending Unexpectedly Dips 0.2% In January

(RTTNews) - Construction spending in the U.S. unexpectedly edged modestly lower in the month of January, according to a report released by the Commerce Department on Monday.

The Commerce Department said construction spending slipped by 0.2 percent to an annual rate of $2.193 trillion in January after climbing by 0.5 percent to a revised rate of $2.196 trillion in December. Economists had expected construction spending to come in unchanged.

The unexpected dip by construction spending came as spending on private construction fell by 0.2 percent to an annual rate of $1.686 trillion.

Spending on residential construction slid by 0.4 percent to an annual rate of $932.7 billion, while spending on non-residential construction was virtually unchanged at an annual rate of $753.3 billion.

Meanwhile, the report said spending on public construction inched up by 0.1 percent to an annual rate of $506.6 billion.

While spending on educational construction decreased by 0.4 percent to an annual rate of $109.8 billion, spending on highway construction climbed by 0.6 percent to an annual rate of $145.0 billion.