U.S. Construction Spending Rises More Than Expected in August
Construction spending in the United States increased by 0.9% month-over-month to $2,203.1 billion in August, according to data from the U.S. Census Bureau released on Thursday. This outperformed economists' expectations of a flat reading and followed a revised -0.1% decline in July (previously reported as -0.5%). Despite this monthly gain, spending remains 1.7% below its level one year ago at $2,242.6 billion. The unexpected rise suggests some resilience in the construction sector amid broader economic challenges and high interest rates that have dampened other areas of activity. The data may provide a modest boost to market sentiment around infrastructure-related industries but does not signal an overall recovery in housing or commercial development spending at this time.
Topics: construction economic data housing market