U.S. construction spending unexpectedly fell by 0.1% in May due to higher mortgage rates impacting single-family homebuilding, following a revised 0.3% increase in April. Year-on-year, spending rose 6.4%. Private construction dropped 0.3%, with residential construction down 0.2% and new single-family projects falling 0.7%. Mortgage rate hikes weakened homebuilder confidence and sales, despite improved housing supply. Public construction spending rose 0.5%, driven by a 3.1% surge in federal projects, while private non-residential construction dipped 0.3%.

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