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U.S. Construction Spending Inches Up Less Than Expected In July

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Construction spending in the U.S. saw a modest increase in the month of July, according to a report released by the Commerce Department on Tuesday.

The report said construction spending inched up by 0.1 percent to an annual rate of $1.365 trillion in July after falling by 0.5 percent to a revised rate of $1.363 trillion in June.

Economists had expected construction spending to jump by 1.0 percent compared to the 0.7 percent drop originally reported for the previous month.

The uptick in construction spending came as spending on private construction climbed 0.6 percent to an annual rate of $1.014 trillion.

Spending on residential construction spiked 2.1 percent to a rate of $546.6 billion, while spending on non-residential construction slumped by 1.0 percent to a rate of $466.9 billion.

Meanwhile, the report said spending on public construction tumbled by 1.3 percent to an annual rate of $351.1 billion.

Spending on educational construction plunged by 3.0 percent to a rate of $82.2 billion, while spending on highway construction plummeted by 3.1 percent to a rate of $99.0 billion.

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