Construction spending up in June
U.S. construction spending unexpectedly rose in June to touch a six-month high, Reuters reported.
Construction spending advanced 0.2 percent to an annual rate of $772.32 billion, according to figures released today by the U.S. Department of Commerce.. May’s construction spending was revised to a 0.3 percent increase, rather than the previously reported 0.6 percent decline.
Economists had expected spending to be flat in June.
Overall construction spending, though, fell 4.7 percent from a year ago.
Private construction spending rose 0.8 percent to a seven-month high, as an increase in nonresidential spending offset a second straight month of declines in spending on residential projects.
Spending on public construction projects dropped 0.7 percent, its lowest level since March 2007. The decline reflected weak spending on federal projects, which dropped 2.2 percent.