Construction spending tempers in August: Residential and nonresidential outlays pull back

Wells Fargo Research Team Wells Fargo

Brighter days ahead

High interest rates, a tight credit environment and elevated operational costs continue to weigh on construction. Total construction spending fell 0.1% during August, the third straight monthly decline. Drops in the private residential and nonresidential categories drove the overall monthly pullback in outlays, while public expenditures rose modestly. Although it may take time for construction to benefit from less restrictive monetary policy, lower interest rates should eventually bring a turnaround in activity.

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