WASHINGTON (AP) — Spending on U.S. construction projects fell 0.8% in October, dragged down by declines in apartment and multi-family homebuilding.
Private construction spending declined 1% in October, the Commerce Department said Monday. That follows another significant 1.1% decline in September.
Overall private residential construction dipped 0.9%, with multifamily projects declining 1.6% in October after a 2.1% decline in September.
Spending on single-family home construction increased 1.6%, helping to offset some of the losses elsewhere in the private construction category during the month
Last month, the government reported that U.S. home building jumped 3.8% in October, with developers anticipating steady demand.
Lower mortgage rates and a healthy job market with rising wages have boosted home sales and the demand for new homes. The average rate on a fixed 30-year mortgage last week was 3.68%, a historically low number.