Construction Spending Hits Record Levels While Residential Sector Struggles
Record Construction Spending
Total construction spending has surged, attaining a new record of $199 billion in July, reflecting a robust growth of 7.5% compared to the same month last year. Key sectors are benefiting from increased investments, driving this remarkable rise.
Residential Sector's Struggle
Despite the overall growth, the residential construction sector is grappling with challenges, including rising interest rates and supply chain disruptions. Many builders are finding it difficult to maintain momentum while trying to dig out from the slump. The inefficiencies in this sector are noteworthy as demand for housing continues but remains unmet.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.