U.S. construction spending edged up 0.1% in May, held back by weakness in homebuilding as higher mortgage rates tied to the U.S.-Israeli war with Iran weighed on the sector. The Commerce Department reported that private residential construction rose 0.3%, driven by renovations, but spending on new single-family homes dipped 0.1% and tumbled 4.0% from a year earlier. The U.S.-Israeli war with Iran boosted oil prices, driving up inflation and mortgage rates, with the average 30-year fixed-rate mortgage climbing about 50 basis points since the conflict began in late February. Private nonresidential spending fell 0.3%, including a 1.3% drop in factory construction, while public construction spending increased 0.5%, aided by a 1.3% jump in federal projects.