US construction spending grew 0.2% MoM in August but was down -1.6% YoY on an annual basis, breaking a streak of nine straight monthly declines.

• Residential construction increased 0.8% MoM, but was still down -1.8% YoY, while nonresidential construction fell -0.2% MoM and -1.5% YoY.
• Private residential construction spending growth included an increase of 0.2% MoM in new multifamily building and a -0.4% drop in new single-family building.
• Private construction spending increased 0.3% MoM, offsetting public construction spending that was unchanged.
• Manufacturing construction spending dropped the most, down -0.9% MoM and -8.2% YoY. Office (-0.4% MoM) and commercial (-0.1% MoM) construction spending were also weak.