Marketplace · Wednesday, July 1, 2026
The Census Bureau reported a year-on-year decrease in overall construction spending for May. Spending on single-family home construction specifically dropped by 4% compared to May of the previous year, attributed to elevated mortgage rates and high price-to-income ratios.
“The Census Bureau reported this morning that overall construction spending in this economy in the month of May was down year on year.”
“If you dig a little bit, you'll find spending on single family home construction was off 4% from May a year ago.”
“Ongoing elevated mortgage interest rates and an elevated price to income ratio.”