U.S. builders spent less on construction projects in November, the first decline in eight months, as activity was held back by a big drop in spending on federal projects.
Construction spending dipped 0.3 percent in November compared with October, when spending had risen a revised 0.7 percent, the Commerce Department said Wednesday. The November decline was the first drop since March.
It left total spending at a seasonally adjusted annual rate of $866 billion, which is 16.1 percent above a 12-year low hit in February 2011. Even with the gain, the level of spending remained only about half of what's considered healthy.