Single-family sector drags U.S. construction spending

Investment in U.S. construction fell by 1.1 percent in June, according to new data from the U.S. Commerce Department, with spending in the residential sector down 1.6 percent. Economists polled by Reuters had projected a repeat of May’s performance, when spending edged up by 0.1 percent. Investment in single-family builds cooled significantly, falling by 3.1 percent. At the same time, June’s construction spending was up 8.3 percent on a year-over-year basis.