Construction Spending Increases in June

Washington, DC, Aug. 1, 2011 — Construction began on more commercial buildings in June, pushing spending higher for a third straight month, according to the Commerce Department.

However, residential construction declined, reflecting a big drop in apartment construction, and spending on government building projects also fell.

The government says construction spending rose 0.2% in June to an annual rate of $772.3 billion.

That put overall spending 1.2% higher than the 11-year low hit in March.