Construction Spending Rises in July, Boosted by Business and Housing
Reuters | September 3, 2013 | link
U.S. construction spending rose in July as more outlays to build homes and businesses countered a decline in the government sector. Construction spending climbed 0.6 percent to an annual rate of $901 billion, the Commerce Department said on Tuesday. The growth rate was above the median forecast in a Reuters poll of analysts.
The biggest gain in spending came from the business sector as firms increased outlays on projects for offices, commercial buildings and factories. Private spending on home construction projects also advanced, a sign builders were still betting on a housing market recovery despite a sharp increase in mortgage rates since May.