Private Residential Construction Spending Declines in February

Private residential construction spending declined 0.6% in February, as spending on single-family construction decreased 1.8%. Spending declined for the ninth month in a row amid elevated mortgage interest rates. Consequently, private residential construction is 5.7% lower compared to a year ago. The monthly decline is largely attributed to lower spending on single-family construction, which has been declining since June 2022…. Read More ›