That helped contribute to a decline in stock prices. The Dow Jones industrial average ended Monday at 10,729.43, down 53.58 points.
The Commerce Department said the value of construction put in place in November, $1.01 trillion at a seasonally adjusted annual rate, was down 0.4 percent from October. That was the first decline since January, as wet weather slowed activity.
Public works spending increased, possibly a reflection of the more optimistic budget outlook for state governments.
Still, construction spending for the first 11 months of 2004 was up 9 percent from the same period in 2003, with September and October figures revised higher.
Kenneth Simonson, chief economist for the Associated General Contractors of America, said given a 1.4 percent margin of error in the figures, the report means construction spending is essentially flat.
He noted prices for construction materials were 9 percent higher than a year ago. Oil prices have been declining, moderating costs of diesel fuel and asphalt. Prices for select insulation materials are still elevated, he said. The late December earthquake and tsunami in the Indian Ocean could put pressure on prices, as materials are diverted to rebuilding in that region.
