Residential Construction Spending Dips for Second Month

According to a recent U.S. Census Bureau data release, total spending on residential construction in September fell 0.4% from a month earlier, dropping to a seasonally adjusted annual rate of $773.5 billion. That's the second month in a row the total has dipped. Still, on a year-over-year basis, spending by private developers increased by 19.3%. That total has also increased 24.9% year to date compared to a year ago.