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Outlays for construction projects fell 0.3% in October at a seasonally adjusted annual rate of $1.79 trillion, the Commerce Department reported Thursday.
Economists polled by The Wall Street Journal had expected a 0.2% decline.
Spending in September was revised up to a 0.1% gain from the prior estimate of a 0.2% rise.
Over the past year, construction spending is up 9.2%.
Private construction fell 0.5% in October. Residential construction fell 0.3% and nonresidential dropped 0.8%.
Public construction was up 0.6% last month, led by power plants and health care.
U.S. stocks
DJIA,
-1.08%
SPX,
-0.56%
were lower on Thursday while the yield on the 10-year Treasury note
TMUBMUSD10Y,
3.602%
dropped to 3.59% in the wake of Fed Chairman Jerome Powell’s remarks on Wednesday.
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