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Construction spending dipped 0.1 percent in January, first drop in 6 months
WASHINGTON (AP) ' A sharp drop in commercial building projects caused a slight decline in construction spending in January. But the dip comes after previous figures were revised much higher.
The Commerce Department says construction spending edged down 0.1 percent in January, the first drop since July. That follows a 1.4 percent increase in December and a big rise of 1.9 percent in November. November's figure was revised up from 0.4 percent.
Construction of factories, hotels and power plants all fell sharply, pushing down nonresidential construction by the most in a year. Government construction spending also fell.
Spending on residential construction rose 1.8 percent, driven by a big gain in single-family home building.
Overall construction spending dipped to a seasonally adjusted annual rate of $827 billion, down slightly from December.