US Construction Spending Drops for Second Month as Housing Recession Deepens
Construction spending in the United States—an indicator of total spending on all types of construction—fell in August for the second month as the housing market declines further into a recession.
Construction spending last month was estimated at “a seasonally adjusted annual rate of $1,781.3 billion, 0.7 percent below the revised July estimate of $1,793.5 billion,” said the U.S. Census Bureau report (pdf). The July figure was a decline of 0.57 percent from $1,803.8 billion in June. Compared to 2021, the August figure is 8.5 percent higher. “During the first eight months of this year, construction spending amounted to $1,183.8 billion, 10.9 percent above the $1,067.4 billion for the same period in 2021.”…