Construction spending nationwide continued its upward climb in June, although it came in below analysts’ and market expectations.
The Commerce Department said spending advanced just 0.1 percent, well less than a 0.6-percent forecast, according to Yahoo Finance, and less than a 0.8-percent jump in May. Nonetheless, construction activity is at an annual rate of $1.06 billion, and while up only slightly from the previous month, has soared 12 percent from $950 million in June 2014, according to the Commerce Department, which released its latest data Monday.
While new-housing construction advanced 0.4 percent, non-residential building in the private sector fell 1.3 percent, to an annual rate of just under $395 million. That was less than a revised May estimate of $400 million, the government said.
