US construction spending hits three-year low
U.S. construction spending unexpectedly fell 0.5% in July to $2.158 trillion, reaching its lowest level in nearly three years. Higher mortgage rates weighed heavily on single-family homebuilding and private projects.
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United States construction spending fell 0.5% to $2.158 trillion in July, hitting the lowest level since October 2023. The Commerce Department reported that higher borrowing costs weighed heavily on single-family homebuilding. That decline marks a sharp contraction for the broader economy as key industrial outlays also slow.
