US construction spending fell again in August
WASHINGTON — U.S. builders trimmed spending on construction projects in August for a second straight month with housing, non-residential and government activity all seeing declines.
Construction spending dropped 0.7 per cent in August after a 0.3 per cent slip in July, the Commerce Department reported Monday. It was the third decline in the past five months.
Residential construction decreased 0.3 per cent, while non-residential activity was down 0.4 per cent. Spending on government projects fell 2 per cent, dragged down by a sharp drop in activity at the state and local level. That has fallen to the lowest point since March 2014.
Economists believe that the slowdown in construction will be temporary, with ultra-low interest rates and a growing economy prompting greater building activity in coming months.