U.S. Markets closed
  • S&P 500

    4,574.79
    +8.31 (+0.18%)
     
  • Dow 30

    35,756.88
    +15.73 (+0.04%)
     
  • Nasdaq

    15,235.71
    +9.01 (+0.06%)
     
  • Russell 2000

    2,296.08
    -16.56 (-0.72%)
     
  • Gold

    1,794.30
    -12.50 (-0.69%)
     
  • EUR/USD

    1.1598
    -0.0016 (-0.1392%)
     
  • 10-Yr Bond

    1.6190
    -0.0160 (-0.98%)
     
  • Vix

    15.98
    +0.74 (+4.86%)
     
  • GBP/USD

    1.3766
    -0.0003 (-0.0193%)
     
  • USD/JPY

    114.1910
    +0.4920 (+0.4327%)
     
  • BTC-USD

    60,447.32
    -2,415.15 (-3.84%)
     
  • CMC Crypto 200

    1,498.92
    -6.23 (-0.41%)
     
  • FTSE 100

    7,277.62
    +54.80 (+0.76%)
     
  • Nikkei 225

    29,106.01
    +505.60 (+1.77%)
     

Construction spending rises in July amid abroad gains

·1 min read

WASHINGTON, Sept 1 (Reuters) - U.S. construction spending picked up in July, lifted by gains in both private and public sector projects.

The Commerce Department said on Wednesday that construction spending increased 0.3% after being unchanged June. Construction spending rose 9.0% on a year-on-year basis in July.

Economists polled by Reuters had forecast construction spending gaining 0.2%.

Spending on private construction projects rose 0.3% after increasing 0.4% in June. Outlays on residential projects advanced 0.5%, with single-family homebuilding spending increasing 0.9%, driven by robust demand for housing.

Spending on residential projects increased 0.8% in June. The pace is, however, slowing because of expensive building materials as well as land and labor shortages.

Investment in private non-residential construction like gas and oil well drilling slipped 0.2% in July. Spending on public construction projects rebounded 0.7% in July after dropping 1.6% in June. Outlays on state and local government construction projects rose, but federal government spending dropped 1.1%. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)