By Xavier Fontdegloria
Construction spending in the U.S. declined in July for a second consecutive month driven by a drop in residential construction, which has been hit by falling housing starts due to weaker demand for homes.
Total construction spending fell 0.4 in July on month after declining by 0.5% in June, data from the Commerce Department showed Thursday. June’s reading was upwardly revised from a 1.1% decline initially estimated.
Economists polled by The Wall Street Journal expected construction spending to fall 0.4% in July.
Spending on residential construction fell by 1.5% due to a 4% monthly decline in outlays on new single-family projects.
Private spending on nonresidential construction increased 0.4%, while total public construction spending rose 1.5%, data from the Commerce Department showed.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
September 01, 2022 10:50 ET (14:50 GMT)
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Read More: U.S. Construction Spending Fell in July For Second Straight Month