US June construction spending +0.5% vs +0.6% expected

<ul><li>US construction spending for June % versus 0.9% expected</li><li>total construction spending $1,938.4 billion versus $1,929.6 billion last month</li><li>Construction spending year on year +3.5% vs +2.4% prior</li><li>private construction +0.5% vs +1.1% prior</li><li>residential construction +0.9% vs +2.2% prior</li><li>nonresidential construction 0.0% vs +0.3% prior</li></ul><p>There is an ongoing building boom in certain sectors due to the IRA and CHIPS acts in the US. That could be augmented by a resurgence in residential construction in the coming year as builders grow increasingly confident that high rates won't result in a housing crash.</p>

This article was written by Adam Button at www.forexlive.com.