Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Development Downshifting
Construction spending dipped 0.3% in May, the seventh straight monthly decline. The drop largely was broad-based, with total residential and nonresidential outlays pulling back during the month. While home improvement, data center, infrastructure and institutional outlays generally continue to outperform, high interest rates and elevated economic uncertainty remain a significant headwind for new project starts.