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US construction spending inches up in May, but homebuilding weak

In May, US construction spending edged up by a mere 0.1%, influenced by increased mortgage rates partly due to tensions in the Middle East. While there was a slight boost in residential renovations, new single-family housing projects saw a downturn. Additionally, private nonresidential construction faced a decline, whereas state and local public projects thrived, presenting a complex outlook for the sector amid ongoing economic challenges.

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Economic TimesLean R·2h ago
US construction spending inches up in May, but homebuilding weak
In May, US construction spending edged up by a mere 0.1%, influenced by increased mortgage rates partly due to tensions in the Middle East. While there was a slight boost in residential renovations, new single-family housing projects saw a downturn. Additionally, private nonresidential construction faced a decline, whereas state and local public projects thrived, presenting a complex outlook for the sector amid ongoing economic challenges.
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US construction spending inches up in May, but homebuilding weak

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