U.S. Construction Spending Declined in August as Housing Market Downturn Weighs
By Xavier Fontdegloria
Construction spending in the U.S. fell in August for third
straight month led by a decline in residential construction,
reflecting the current headwinds of the housing market as mortgage
Total construction spending fell 0.7% in August compared with
July, its third consecutive monthly drop, according to data from
the Commerce Department released Monday. In July, spending fell by
0.6% compared with a 0.4% drop previously estimated.
Economists polled by The Wall Street Journal expected
construction spending to fall 0.2% in August.
Spending on private residential construction declined 0.9% on
month, driven by a 2.9% drop in outlays on new single-family
projects, the data showed.
Write to Xavier Fontdegloria at firstname.lastname@example.org
(END) Dow Jones Newswires
October 03, 2022 10:46 ET (14:46 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.