The Commerce Department announced on Thursday that construction spending fell 0.8 percent m-o-m in February after a revised 1.2 percent m-o-m gain in January (originally a 1.7 percent m-o-m advance). This was the first monthly decrease in construction spending since September 2020.

Economists had forecast construction spending declining 1.0 percent m-o-m in February.

According to the report, investment in public construction fell 1.7 percent m-o-m, while spending on private construction dropped 0.5 percent m-o-m.