(Source: Daily Commercial News)
U.S. construction spending rose for the second time in three months in June as residential building increased, fresh evidence that the housing sector may be recovering.
The Commerce Department said Monday that construction spending increased by a seasonally adjusted annual rate of 0.3 per cent in June, defying analysts’ estimates of a 0.5 per cent drop. May construction spending was revised up slightly to a 0.8 per cent decline.
Still, June’s US$965.7 billion in spending was 10.2 per cent below the year-ago level.
Public construction also helped drive the increase, jumping one per cent to $321.7 billion for the biggest rise since March, the department said.
Federal government construction spending increased 1.9 per cent, the most since December 2008, after falling 0.3 per cent in May and plummeting 6.1 per cent in April.
Read the full article “U.S. construction spending rises unexpectedly, data shows” at Daily Commercial News (August 6, 2009).