U.S. construction spending rose 0.1% in May but fell 1.5% year-over-year. Private construction was flat, with residential renovations up 0.3%, while new single-family housing dropped 0.1% monthly and 4.0% annually. Multi-family housing and private nonresidential construction declined. Public construction increased 0.5%, driven by federal projects. High mortgage rates and inflation, influenced by rising oil prices, continue to impact the sector.
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