US construction spending falls 0.3% in July

ISTANBUL

US construction spending fell 0.3% to $2,162.7 billion in July, figures from the Commerce Department showed Tuesday.

Construction spending, one of the major indicators of well-being in the construction sector, was expected to show a monthly increase of 0.1%, according to market estimates.

The figure for June was revised to $2,169 billion from $2,148.4 billion for a monthly decline of 0.3%.

Annually, the reading in July was 6.7% above the same month in 2023, when it stood at $2,027.4 billion.