Dive Brief:
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Spending on construction projects by residential, commercial, and government builders fell by 0.8% in August, the U.S. Commerce Department reported Wednesday.
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The dip follows a 1.2% increase in spending in July, which came after a 1.6% spike in June. Spending in the three sectors totaled $3.333 billion, which is 9.2% higher than in August 2013.
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Single-family and apartment construction actually gained slightly in August, but the numbers don’t reflect that because of a substantial drop in remodeling work.
Dive Insight:
The industry’s soft third-quarter could dampen overall economic growth, say economists, who had expressed optimism for a better showing in construction.