SaltWire's Atlantic regional weather forecast for October 2, 2023 | SaltWireWASHINGTON - U.S. construction spending increased in August, lifted by outlays on single- and multi-family housing, though mortgage rates at nearly 23-year highs could slow momentum.
Construction spending jumped 7.4% on a year-on-year basis in August. Spending on private construction projects rose 0.5%, with investment in residential construction rising 0.6% after increasing 1.6% in the prior month. Private construction spending gained 1.2% in July. The construction spending report showed outlays on multi-family housing projects rose 0.6% in August. There is limited room for further gains as the stock of multi-family housing under construction is near record highs. Spending on new single-family construction projects rose 1.7%.