By Xavier Fontdegloria

U.S. construction spending declined in October, driven by both lower residential and nonresidential construction, as the housing market struggles with rapidly rising interest rates.

Total construction spending decreased 0.3% in October on month, data from the Commerce Department showed Thursday. Spending in September was downwardly revised to a 0.1% increase from a 0.2% gain initially estimated.

Economists polled by The Wall Street Journal expected construction spending to fall 0.2%.

Spending on private residential construction fell 0.3% on month, led by a 2.6% drop in outlays on new single-family projects. Private nonresidential construction fell by 0.8%, while public construction increased 0.6%.

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(END) Dow Jones Newswires

December 01, 2022 10:48 ET (15:48 GMT)

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