WASHINGTON, Jan 4 (Reuters) - U.S. construction spending fell more than expected in November to its lowest level in over six years, dragged down by a sharp decline in private home building, government data showed on Monday.
The Commerce Department said construction spending fell 0.6 percent, declining for a seventh straight month, to $900.1 billion, the lowest level since July 2003. October’s construction spending was revised down to show a 0.5 percent drop, instead of being flat as the government previously reported.
Economists surveyed by Reuters had forecast construction spending would decline by 0.4 percent in November
Spending on private home building dropped 1.6 percent in November, the biggest decline since June, after rising 4.8 percent the prior month, the department said. Spending on public construction projects fell 0.4 percent in November after being flat in October. Spending on healthcare, highways and streets fell from October, while investment in power and communication projects increased, the department reported. (Reporting by Lucia Mutikani; Editing by Neil Stempleman)