May Construction Spending Rises 0.8%

Construction spending increased 0.8% in May, the Commerce Department said Monday, and is 8.2% above the May 2014 level.

In April, construction spending rose 2.1%, first reported as a 2.2% increase.

Spending on private construction grew 0.9% in the month, while public construction gained 0.7%.

Residential construction gained 0.3%.

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

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