U.S. construction spending declined 1.7% in January 2008, as private builders continued to pull-back amid the housing slump, the U.S. Commerce office announced Monday.

Economists surveyed by Bloomberg News had expected interpretation spending to decline 0.7% in January 2008. interpretation spending is down 3.3% on a year-over-year basis.

Meanwhile, the December 2007 interpretation spending statistic was revised downward, to a 1.3% decline, from the earlier announced 1.1% decline, the Commerce agency said.

In January 2008, private residential interpretation declined 2.9%, public interpretation dropped 0.2%

Spending on private interpretation totaled a seasonally-adjusted annual rate of $827.4 billion, 2.2% (plus/minus 1.1%) below the revised December 2007 estimate of $845.7 billion. The estimated seasonally-adjusted annual rate of

public interpretation spending was $294.1 billion, 0.2% (plus/minus 0.8%) below the revised December 2007 estimate of $294.7 billion.

Economic Analysis: Another negative documents point for the U.S. economy. The telling stat: a 3.3% year-over-year decline in interpretation spending. Further, the January 2008 private interpretation statistic restricted declines in nearly every category, which suggests that building continues to contract across-the-board. Further, the 2.9% decline in private residential interpretation indicates that builders continue to retreat from the housing sector, a statistic that’s consistent with other recent details indicating slowing home sales and rising inventories.

Original post by Joseph Lazzaro

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