WASHINGTON (Reuters) – The U.S. Department of Commerce said on Monday that U.S. construction spending rose 0.1 percent in June, as an increase in private projects outweighed a drop in spending on public projects.
On an annual basis, construction spending, which accounts for less than 4 percent of US gross domestic product, rose 8.2 percent in June after declining 0.2 percent in May.
Economists polled by Reuters had expected construction spending to rise 0.4 percent in June.
Spending on private construction projects increased by 0.4 percent, with spending on housing projects increasing by 1.1 percent.
Spending on public construction projects fell 1.2 percent in June after a 0.8 percent drop in May.