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U.S. Construction Spending Climbs More Than Expected In August

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A report released by the Commerce Department on Monday showed construction spending in the U.S. increased by more than expected in the month of August.

The Commerce Department said construction spending climbed 0.5 percent to $1.218 trillion in August after plunging by 1.2 percent to $1.212 trillion in July. Economists had expected spending to rise by 0.2 percent.

The bigger than expected increase in total construction spending reflected growth in spending on both private and public construction.

The report said spending on private construction rose by 0.4 percent to $954.8 billion, as spending on residential construction and non-residential construction climbed by 0.4 percent and 0.5 percent, respectively.

Spending on public construction also increased by 0.7 percent to $263.5 billion. Educational construction spending jumped by 3.5 percent, while highway construction spending surged up by 1.3 percent.

by RTT Staff Writer

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