U.S. construction spending down 0.4% in July

According to the U.S. Department of Commerce, construction spending fell 0.4% in July from the previous month, following a 0.5% decline in June. Year-on-year, however, construction spending rose by 8.5% in July.

Private sector spending on construction projects declined 0.8% after falling 0.7% in June.

Spending on private residential projects decreased by 1.5% and spending on non-residential projects increased by 0.4%.

Spending on public projects rose 1.5% after increasing 0.1% in June.

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