Construction spending drops by 0.7 percent

WASHINGTON – Builders began work on fewer offices, shopping centers and other commercial projects in January, pushing construction spending down to near a decade low.

The Commerce Department says builders trimmed their activity 0.7 percent in January following a revised 1.6 percent decline in December.

The consecutive declines pushed total spending down to a seasonally adjusted annual rate of $791.8 billion in January, close to the decade low of $791.5 billion hit in August.

Associated Press