Construction activity declined as the U.S. economy faltered in late 2008, but not as sharply as many analysts predicted.
Total U.S. construction spending fell only 0.6 percent from its October level to about $1.08 trillion in November, according to Commerce Department figures released Jan. 5. Year over year total construction spending decreased 3.3 percent in November.
Spending on private residential construction fell 4.2 percent from the previous month to $328 billion. The yearly comparison was much starker: a 22.8 percent drop.
Highway spending actually inched up 1.3 percent from October and at $84.1 billion was 7.7 percent higher than in November 2007.