Construction Spending Falls to 9-Month Low

U.S. construction spending unexpectedly fell in July, hitting a nine-month low amid a steep decline in investment in private structures.

The Commerce Department said on Friday that construction spending decreased 0.6 percent to $1.21 trillion also as investment on public sector projects fell.

That was the lowest level since October 2016 and followed a downwardly revised 1.4 percent tumble in June.

Economists polled by Reuters had forecast construction spending increasing 0.5 percent in July after a previously reported 1.3 percent drop in June. Construction spending increased 1.8 percent on a year-on-year basis.

In July, spending on private nonresidential structures plunged 1.9 percent to the lowest level since April 2016.

The percent drop was biggest since October 2015 and followed a 1.6 percent fall in June. Investment in residential and nonresidential structures such as oil and gas wells is slowing as the boost from recovering oil prices fades.

As a result,

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