The Commerce Department announced on Wednesday that construction spending fell 1.3 percent m-o-m in February after a revised 2.8 percent m-o-m surge in January (originally a 1.8 percent m-o-m jump). This was the biggest monthly drop in construction spending since October 2018.

Economists had forecast construction spending increasing 0.5 percent m-o-m in February.

According to the report, spending on private construction decreased 1.2 percent m-o-m, while investment in public construction fell 1.5 percent m-o-m.

On a y-o-y basis, construction spending jumped 6.0 percent in February.