August Construction Spending Rises 0.5%
Construction spending was up 0.5% in August, with a 0.4% increase in private construction and a larger 0.7% increase in public construction, data released by the Commerce Department Monday morning showed.
Analysts had expected construction spending to rise 0.4% after a negative 0.6% reading for July. With the latest data, July construction was revised down to a 1.2% decrease, while June spending was revised up slightly to a more moderate 0.8% decrease from the 1.4% decline previously reported.
Private residential construction spending rose 0.4% in the month, with new home building rising 0.4% based on an MNI calculation. Single-family building rose 0.3%, while multi-family building saw a larger rise of 0.9% from the previous month. Residential construction excluding new homes, which captures remodeling was up 0.5% and up 15.8% year-over-year.