U.S. builders trimmed spending on construction projects in August for a second straight month with housing, non-residential and government activity all seeing declines.
Construction spending dropped 0.7 percent in August after a 0.3 percent slip in July, the Commerce Department reported Monday. It was the third decline in the past five months.
Residential construction decreased 0.3 percent, while non-residential activity was down 0.4 percent. Spending on government projects fell 2 percent, dragged down by a sharp drop in activity at the state and local level. That has fallen to the lowest point since March 2014.