CMF Quote of the Week: Sept. 5, 2024

“The monthly drop was owed to a pull-back in both residential and nonresidential outlays. Although total spending is still up 6.7% over the past year, construction activity is losing momentum as elevated financing costs narrows the pipeline of new projects getting started.”
–Wells Fargo Economists Charlie Dougherty, Jackie Benson and Ali Hajibeigi on construction spending numbers