Reported about 1 month ago
US construction spending fell 0.3% in July, surpassing forecasts of a 0.1% drop, primarily due to rising mortgage rates impacting single-family homebuilding. The Census Bureau noted a significant decrease in private construction and residential investment, with single-family projects hitting a 16-month low. Despite an overall increase of 6.7% year-on-year, the current landscape is marked by excess supply and weak demand, compelling builders to delay new projects.
Source: YAHOO