Construction Spending Dips in January, Ending Streak of Gains

• Construction spending fell 0.2% in January to $2.1 trillion, the first decline since December 2022 • The drop fell short of economist expectations for a 0.3% increase in January spending • The government revised December construction spending figures up from 0.9% to 1.1% growth • Over the past year, construction spending rose 11.7% • Private residential construction rose 0.2% in January, with single-family up 0.6% but multifamily down 0.4%