U.S. construction spending unexpectedly fell in August amid a sharp drop in outlays on single-family housing projects, but declining borrowing costs could stimulate activity in the months ahead. The Commerce Department's Census Bureau said on Tuesday construction spending dipped 0.

Construction spending across the nation was $2.1 trillion in August, a 0.1% decline from July to August, according to an analysis by the Associated General Contractors.

Construction spending fell in August as companies scaled back projects across the U.S. ahead of the Federal Reserve’s decision to cut its benchmark interest rate. Spending on construction projects fell 0.

WASHINGTON, DC — National nonresidential construction spending increased 0.1% in August, according to an Associated Builders and Contractors analysis of data published today by the US Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.22 trillion.

Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1% below the revised July estimate of $2,133.9 billion, according to the U.S. Census Bureau.

August spending on private construction was at a seasonally-adjusted annual rate of $1.642 trillion, 0.2% below the revised July estimate. Residential construction was at a rate of $899.9 billion, 0.3% below the revised July estimate, while nonresidential construction’s rate of $742.2 billion was down 0.1%.

Construction spending saw a 0.1% decrease in the U.S. in August, and AGC officials are urging the federal government to accelerate permitting processes.

Construction spending fell 0.1% M/M in August at a seasonally adjusted annual rate of $2,131.9B, the U.S. Census Bureau said on Tuesday. The spending was expected to fall 0.3%, according to the consensus estimate of economists.