New figures from the U.S. Commerce Department show construction spending fell 0.9% in July, which was the largest decrease in a year. This was the first time in four months construction spending declined.
Commercial and public construction spending fell, as did home-improvement outlays, which had a 5.5% decrease.
Despite the decrease, single-family homebuilding was up 1.5% and multifamily construction rose 2.8%. Analysts indicate the increase in these segments is due to pent-up demand, low interest rates and home prices that are more appealing to buyers.
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