Washington, September 1--Construction spending climbed in July as outlays grew on residential building, while spending in June was revised higher.
Total construction spending increased 0.4% to a seasonally adjusted annual rate of $997.23 billion, the Commerce Department said Wednesday.
Spending was unchanged in June, revised up from a previously estimated 0.3% decline. Economists had been expecting July spending would rise 0.4%.
The report showed residential construction rose 0.4% to a seasonally adjusted annual rate of $545.76 billion after a 0.1% gain in June. Outlays also climbed for spending on transportation, communication and manufacturing facilities.
Total private construction, which includes homes, rose 0.4% for the month after a 0.2% drop in June. Non-residential private construction spending rose 0.8%.
Spending on public construction climbed in July, rising by 0.6% for a second straight month. Federal government construction outlays rose by 6.7% while state and local spending inched up 0.1%.
