MW: U.S. construction outlays sink 1.2% in December
By Rex Nutting
WASHINGTON (MarketWatch) - Spending on U.S. construction projects fell at a seasonally adjusted rate of 1.2% in December, the fifth decline in the past six months and the lowest rate since August 2003, the Commerce Department estimated Monday. For all of 2009, total construction spending fell 12.4% to $939.1 billion from $1.07 trillion in 2008. It was the largest decline on record, dating to 1964. The 1.2% decline in December was much worse than the 0.4% drop expected by economists surveyed by MarketWatch. November's outlays were revised down to a 1.2% drop from the 0.6% decline earlier reported. Private residential outlays fell 2.8%, private nonresidential outlays rose 0.2%, and public outlays fell 1.2%.
