Construction spending rose 0.5% in August, the Commerce Department reported Monday.
Construction spending rose in August, as companies and the government ramped up projects across the U.S.
Spending on construction projects rose 0.5% in August to $1.98 trillion, the Commerce Department reported Monday. The figure fell short of expectations on Wall Street. Economists were expecting construction spending to rise 0.6% in August. Construction spending reveals how much the government and private companies spend on projects, from housing to highways. The more the U.S. spends on construction, the higher the level of economic activity.
The government revised spending on construction in July to 0.9% from an initial read of a 0.7% increase.In terms of residential real estate, private residential construction rose 0.6% in August from the month before. Single-family construction rose 1.7% in August, while multifamily rose 0.6%.Stocks DJIA SPX were mixed in early trading on Monday. The 10-year Treasury note BX:TMUBMUSD10Y rose over 4.
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