US construction spending tumbled in July

According to the article of “Construction Spending Tumbles” published on CNNMoney.com, after seasonally adjustment, the US construction spending fell to an annual $1.2 trillion rate in July, which was the steepest decline since August 2001. This much greater-than-expected decrease was combined by a 2 percent decrease in private residential construction and a 0.3 percent increase of private nonresidential construction.
As we know, house holds buy new houses as part of the investment, and the quantity of investment goods demanded depends on the interest rate, which measures the cost of the funds used to finance investment. If the interest rate rises, fewer investment projects are profitable, and the quantity of investment goods demanded falls, which is shown in the downward-slope investment function. In our case, there was an upward trend in interest rates curtailing US home sales and building. However, the big decrease still caught analysts’ attention because they predicted that the construction spending could decrease by 0.1 percent while in the real world, it went down by 1.2 percent.
Were there any other reasons that caused the construction spending, which was part of the investment, other than the increase in interest rates?