US construction spending rises in August
US construction spending unexpectedly increased by 0.9 percent in August, driven by gains in nonresidential structures and offices. Higher mortgage rates continued to weigh on overall homebuilding activity.
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United States construction spending rose 0.9% in August, outperforming economists' forecasts following an upwardly revised 0.1% dip in July. The Commerce Department reported that gains were driven by nonresidential structures such as power plants and offices. Despite the monthly increase, spending dropped 1.7% on a year-over-year basis as higher borrowing costs continued to pressure residential housing.
