Total construction spending in the U.S. declined by 0.7 per cent in August as spending on new houses turned sharply lower, while public and private nonresidential construction posted mixed results according yo AGCofA analysis.
Association officials said rising interest rates were hurting demand for housing and many private-sector projects.
Construction spending, not adjusted for inflation, totalled $1.78 trillion at a seasonally adjusted annual rate in August, 0.7 per cent below the upwardly revised July rate. Spending on new single-family homes declined for the fourth month in a row, falling by 2.9 per cent from July. Spending on other residential segments rose by 0.4 per cent for multifamily construction and 1.0 per cent for improvements to owner-occupied housing.
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