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Construction Spending Falls, Pushed Down By Public Sector Weakness

Construction

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]