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Construction spending took a slight dip in April as both U.S. companies and the government hit the brakes on projects nationwide, feeling the squeeze of high interest rates.
This was the second consecutive month of declining construction spending. Despite the recent dip, construction spending over the past year has surged by 10 percent. The resilience of the single-family home market has been a surprise to many analysts who thought higher interest rates on home loans would weigh more heavily on demand. Instead, the high rates have hurt the supply of existing homes on the market, pushing up demand for new homes and construction.
Spending on manufacturing plants rose 0.3 percent and is up 17 percent from a year ago. This has been driven in large part by government subsidies for high tech manufacturing facilities and demand for “re-shoring” of production.
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