U.S. construction spending dipped in February as investment in single-family homebuilding maintained its downward trend amid higher mortgage costs.

The Commerce Department said on Monday that construction spending slipped 0.1% in February after increasing 0.4% in January. Economists polled by Reuters had forecast construction spending would be unchanged. Construction spending increased 5.2% on a year-on-year basis in February.

Spending on private construction projects was unchanged after gaining 0.2% in January.

Investment in residential construction fell 0.6%, with spending on single-family housing projects plunging 1.8%. Outlays on multi-family housing projects rose 1.4%, continuing to be supported by demand for rental housing.

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