US Construction Spending Drops Unexpectedly, December 2018

The US economy has lost momentum at the end of 2018 as stimulus from tax cuts and increased government spending fades while trade tension between the US and China and slowing global economies act as drag. The fall in construction spending is another signal of slowing domestic economy. Construction spending in the US has fallen by 0.6% in December 2018 as investment in private and public projects has also declined to the surprise of market analysts. Economists polled by Reuters and MarketWatch had forecasted construction spending rising 0.2% and 0.3%, respectively. Spending on private construction fell by 0.6% after surging 1.3% in November. The housing market has been weighed down by higher mortgage rates, expensive building materials, and labor shortages. Residential spending has fallen by 1.4%; nonresidential spending has not changed significantly.

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