July Construction Spending Rises 1.8%

Construction spending grew 1.8% in July, the Commerce Department said Tuesday, and is 8.2% above the July 2013 level.

In June, construction spending fell a revised 0.9%, first reported as a 1.8% decrease.

Spending on private construction rose 1.4% in the month, while public construction gained 3.0%.

Residential construction grew 0.7% and single-family housing climbed 0.5% in the month.

Multi-family housing increased 0.2%.

Economists polled by Thomson Reuters predicted a 1.0% rise in construction spending.

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