U.S. Construction Spending Climbs Slightly Less Than Expected In June
(RTTNews) - After reporting a notable increase in U.S. construction spending in the previous month, the Commerce Department released a report on Tuesday showing construction spending rose by slightly less than expected in the month of June.
The Commerce Department said construction spending climbed by 0.5 percent to an annual rate of $1.938 trillion in June after jumping by 1.1 percent to a revised rate of $1.930 trillion in May.
Economists had expected construction spending to increase by 0.6 percent compared to the 0.9 percent advance originally reported for the previous month.
Spending on private construction rose by 0.5 percent to an annual rate of $1.517 trillion, as spending on residential construction grew by 0.9 percent but spending on non-residential construction was virtually unchanged.
The report said spending on public construction also increased by 0.3 percent to an annual rate of $421.4 billion, although spending on both educational construction and highway construction edged down by 0.1 percent.
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