US construction spending fell by 0.3% in October due to weak single-family homebuilding

Posted on December 12, 2022   |  

In October, construction spending dropped by 0.3% after gaining 0.1% in September, and annually construction spending grew by 9.2%.

Spending on private construction projects fell by 0.5% after being unchanged in September.

The investment in residential construction fell by 0.3%, with spending on single-family housing projects tumbling by 2.6% but outlays on multi-family housing projects grew by 0.6%.

In October, the 30-year fixed mortgage rate broke 7% for the first time since 2002, though the rate retreated to an average of 6.58% last week, it remains above the 3.10% average during the same period last year.