US construction spending rose 0.1 per cent in July
WASHINGTON — Spending on U.S. construction projects ticked up 0.1 per cent in July, led by an increase in homebuilding and the publicly funded building of schools and highways.
The Commerce Department said Tuesday that the slight July increase brought total construction spending to a seasonally-adjusted annual rate of $1.32 trillion, 5.8 per cent higher than a year ago.
Nonresidential construction — offices, stores, factories and other buildings — tumbled 0.3 per cent in July. Some of that decline was offset by a 0.6 per cent gain in homebuilding.
Public construction rose 0.7 per cent in July, including a 2.1 per cent jump in the building of schools and a 0.4 per cent advance in constructing highways and streets.