Residential Construction Spending Rises in July, Boosted by Strong Single-Family Home Outlays

New construction moves forward in the Portola Springs neighborhood of Irvine, Calif., on Feb. 16, 2021. John Fredricks/The Epoch Times

U.S. residential construction spending rose in July, though at a slower pace than in the prior month, as booming demand and rising prices have continued to buoy the housing market.

The Commerce Department said in a Sept. 1 report (pdf) that U.S. residential construction spending rose by 0.5 percent in July, after advancing by 0.8 percent in June.