According to latest data released this week, construction spending in the United States declined for the fourth time in five months. Since April, spending has declined every month except for in July, when it remained flat on a monthly basis. On a yearly basis, spending has shrunk for the first time in five years by -0.3 percent. The last time it was negative was back in July, when it shrank by -0.6 percent. However, the last time it moved from the positive territory to the negative one was back in December 2007, the onset of the great recession.

One of the major contributors to the decline in construction spending has been the lower commodity prices, especially the energy prices, which has reduced spending in new projects or in up gradation of the current facilities. Trillions of dollars’ worth of spending have been shelved by corporations since 2015.