The Commerce
Department announced on Tuesday that the U.S. construction spending dropped 0.3
per cent m-o-m in July, following an upwardly revised flat m-o-m performance (from -0.3 per cent m-o-m) in June.
This marked the first decline in construction spending since October 2022 (-0.3
per cent m-o-m).
Economists had expected construction spending to remain
unchanged m-o-m in July.
According to the
report, spending on private construction decreased 0.4 per cent m-o-m in July, as
residential spending and non-residential spending both demonstrated a 0.4 per
cent m-o-m decline.
Meanwhile, the public
construction outlays edged up 0.1 per cent m-o-m, as a 0.2 per cent m-o-m gain
in non-residential spending offset a 2.6 per cent m-o-m plunge in residential spending.
On a y-o-y
basis, construction spending surged 6.7 per cent in July.