Construction Spending Bounces Back, Home Renovations Drive Growth
Update: 2025-11-17
Description
Construction spending in the U.S. unexpectedly rose in August, driven by home renovations, despite higher mortgage rates. The Commerce Department reported a 0.2% increase, surprising economists. Private construction projects also saw a 0.3% rise, with residential construction investment up 0.8%. However, spending on new single-family housing projects dropped, indicating a focus on home improvements. Mortgage rates dipped in August, but have since stabilized, and a slower job market and ample housing supply may deter builders from starting new projects.
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