Construction Spending Up 1.2%
Construction spending rose a moderate 1.2% in July, the government reported today, the third increase in the last six months.
The increase brought construction spending to a seasonally adjusted annual rate of $349.5 billion after a 0.6% decline in June. The June drop had originally been reported as a 0.7% gain. Construction spending is 9.5% above its level a year ago, the Commerce Department reported.