Construction Spending Decreaces .3%

From the Census Bureau

In billions, total construction spending dropped .3%, from a seasonally adjusted annual rate of $1,178,436 to $1,175,425. Nonresidential spending increase .1% while residential spending dropped .7%.

On the nonresidential side, the biggest drop occurred in communication construction, which dropped 2.2%. Power construction dropped 1.3% and highway/street construction dropped 1.1%.

It's important to recognize that nonresidential spending has increased from 46% of total construction spending a year ago to 53% last month. This is probably a primary reason why construction employment had not dropped despite the drop in residential construction.