December Private Residential Spending Dips

Private residential construction spending declined 0.3% in December 2022, as spending on single-family construction dropped 2.3% amid higher mortgage rates. Private residential construction spending fell for the seventh consecutive month, standing at an annual pace of $857 billion. However, this total remains 1.7% higher compared to a year ago. The monthly decline is largely attributed to lower spending on single-family… Read More ›