US construction spending drops 1 per cent in January
WASHINGTON — Builders cut back on construction spending in January by the largest amount in nine months, with weakness stemming from the biggest reduction in government activity in nearly 15 years.
Construction spending fell 1 per cent in January, the Commerce Department reported Wednesday. It was the first decline since September and the biggest drop since a 2.9 per cent dip in April.
Spending on government projects tumbled 5 per cent, the largest one-month drop since March 2002.
President Donald Trump wants to sharply increase spending on government infrastructure projects over the next decade. But his proposal is expected to face hurdles winning approval in Congress at a time of rising budget deficits.