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New government figures reveal that construction spending in the United States dipped slightly in May, surprising industry experts who had anticipated a modest increase. The total spending on construction decreased by 0.1% to an annual rate of just over $2 trillion.
This decline marks a shift from previous trends and has raised concerns among analysts. Private residential construction, in particular, saw a more pronounced drop of 0.2%. Builders across the nation are scaling back projects in response to persistently high interest rates, which have increased the cost of financing new developments and dampened demand for new housing.
The. . .
