Construction Spending Highest in Four Years

Washington, DC, Sept. 3, 2013 -- Construction spending rose 0.6% in July to the highest level in four years and well ahead of expectations, according to the Commerce Department.

Economists were looking a 0.4% month-over-month rise.

In addition, June's number was revised higher to flat from a 0.6% decline.

Residential spending was up 0.5% on the month.

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