June Construction Spending Drops 1.8%

Construction spending fell 1.8% in June, the Commerce Department said, but remains 5.5% above the June 2013 level.

In May, construction spending grew a revised 0.8%, first reported as a 0.1% increase.

Spending on private construction fell 1.0% in the month, while public construction slid 4.0%.

Residential construction fell 0.3% and single-family housing dropped 1.4% in the month.

Multi-family housing increased 2.5%.

Economists polled by Thomson Reuters predicted a 0.5% rise in construction spending.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER