July Construction Spending Rises 0.7%

Construction spending increased 0.7% in July, the Commerce Department said Tuesday, and is 13.7% above the July 2014 level.

In June, construction spending rose 0.7%, first reported as a 0.1% increase.

Spending on private construction grew 1.3% in the month, while public construction slipped 1.0%.

Residential construction gained 1.1%.

Economists polled by Thomson Reuters predicted a 0.6% increase in construction spending.

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