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Home Depot, Inc. (NYSE:HDHTTPS, NYSE:HD) shares are facing downward pressure Monday following an unexpected decline in U.S. construction spending for May.
What To Know: The 0.1% drop dip contrasts sharply with economists’ forecasts of a 0.2% rise. The decline in construction spending was primarily driven by a 0.3% drop in private construction projects, marking a setback after a 0.4% increase in April.
Residential construction, a key component, saw a 0.2% decrease as higher borrowing costs curbed demand for new homes. Notably, spending on new single-family construction projects fell by 0.7%, underlining the challenges faced by homebuilders amidst elevated mortgage rates, according to a report by Reuters.
In contrast, public construction projects showed resilience with a 0.5% increase in spending, buoyed by a notable 3.1% surge in federal government projects.
HD Price Action: Home Depot shares were down by 2.05% at $337.17 at the time of writing, according to benzinga Pro.
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