U.S. construction spending falls for second straight month

April 1, 2015 2:03 PM

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U.S. construction spending falls for second straight month

U.S. construction spending unexpectedly fell in February and the prior month's outlays were revised to show a steeper decline than previously estimated, which could see economists further mark down their first-quarter growth forecasts.

Construction spending dipped 0.1 percent to an annual rate of $967.2 billion, the Commerce Department said on Wednesday. January's outlays were revised to show a 1.7 percent decline instead of the previously reported 1.1 percent drop.

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