Declines in spending on public projects led the fall as outlays for US construction projects weakened in July and August, according to a Commerce Department report.
Total spending on construction projects fell 0.7% in August to $1.14 trillion, far below the 0.1% increase expected, while outlays in July dropped 0.3%, MarketWatch reports. Over the last year public construction spending has dropped 8.8% and spending on public projects is at its lowest level since March 2014.
Even private projects are losing steam—spending in the private sector tumbled 0.3% last month, and within that category residential dropped 0.2% while nonresidential fell 1.1%. [MW]
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