US Construction Spending Surges in August on Nonresidential Strength
US construction spending unexpectedly surged in August, driven by outlays on nonresidential structures. However, higher mortgage rates continue to weigh on homebuilding, indicating a broader weakness in the sector.
US construction spending unexpectedly jumped in August, lifted by spending on nonresidential structures including offices and power plants, although the overall trend stayed weak as higher mortgage rates continued to pressure homebuilding. The Commerce Department's Census Bureau said on Thursday that construction spending jum…