Washington, DC, July 1, 2013 -- Construction spending rose 0.5% in May to nearly a four-year high, according to the Commerce Department.
Spending rose to a seasonally adjusted annual rate of $874.9 billion, 5.4% higher than a year ago. Economists had expected spending to rise 0.8%.
Nonresidential construction spending rose 0.1%, while residential construction spending increased 1.2%.
April's construction spending growth was revised to 0.1% from a prior estimate of 0.4%.