Construction spending nudges upward
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.
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