Construction spending in the United States has hit a downturn for the second consecutive month no thanks to the soft housing market which used to be a sizzling industry. The country’s construction spending in November last year went down by 0.6% but the slump is only half of the 1.2% reduction predicted by Wall Street. Construction spending also went down by 0.4% in October of the same year.

This is perhaps the worst slump experienced by the construction industry in over two decades and it does not end there because experts believe that the housing industry will keep falling until the surplus in unsold homes is significantly reduced. The reduction in…