US construction spending drops for second month in a row

    While experts had predicted U.S. construction to climb this year, the sector unexpectedly fell in February for a second month, Reuters reports.  

    The Commerce Department said on Monday that construction spending dropped 0.3% after an unrevised 0.2% decline in January. Economists polled by Reuters had forecast construction spending rebounding 0.7%. Construction spending increased 10.7% year-on-year in February.

    Growth in the residential construction sector was overshadowed by decreases in spending on non-residential structures. 

    Amusement and recreation projects led losses with a 2.5% plunge, while investment in health care facilities decreased 1.9%. Spending on commercial buildings declined 1.7% and spending on manufacturing construction projects fell 0.6%. 

    See the full story