U.S. Construction Spending Fell in October Amid Housing Market Downturn
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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