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.”…