Real residential investment in the U.S. is set to shrink 4.8 percent in the third quarter, while the nonresidential outlay will remain unchanged, Oxford Economics said Tuesday following the release of the official construction spending figures for July.
The Commerce Department report showed that construction spending fell by 0.3 percent to an annual rate of $2.163 trillion in July, while economists had expected construction spending to come in unchanged.
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by Jyotsna V
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