U.S. Construction Spending Fell In July
Decline in single- and multifamily home construction helped offset increase in public construction.
Decline in single- and multifamily home construction helped offset increase in public construction.
Sinking builder confidence leads to fewer starts but more completions.
Construction of single-family homes decreased 3.1% in June from May.
Increase was the first this year; April estimate of sales also revised upward.
Economist: Decline in housing starts mirrors decline in builder confidence.
In April, there were 815,000 single-family homes under construction (seasonally adjusted), the highest level since 2006.
Housing vacancy rate dips below 1% according to U.S. Census Bureau Report