Channel

US Construction Spending Rises Slightly in July

US Construction Spending Rises Slightly in July

The Commerce Department said Tuesday that spending on construction projects in July occurred at a seasonally adjusted annual pace of $1.29 trillion. So far this year, construction spending has tumbled 2.1%, dragged down by a sharp pullback in expenditures for homebuilding.

Construction for single-family houses picked up 1.4% in July, a possible response to lower mortgage rates. But private spending on the building of apartments, lodging and commercial spaces fell. Overall, private construction spending slipped 0.1%

Government spending accounted for July’s increase, as construction spending rose 0.4%. State and local governments accounted for most of the gains as spending on school construction rose. But federal construction spending fell 2.4%.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tagged with

Comment on the story

Your email address will not be published.