Spending on construction across the U.S. declined in July for the third time in four months.
Total U.S. construction spending decreased 0.6% from June to a seasonally adjusted annual rate of $1.212 trillion, the lowest overall level since last October, the Commerce Department said Friday.
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Economists surveyed by The Wall Street Journal had expected a 0.6% increase in July. Spending declined 1.4% in June after rising 1.6% in May and falling 1.8% in April.
Private-sector construction spending in July was up 4.1% from a year earlier, while public-sector spending was down 5.6% on the year.
Construction spending by state and local governments in July was at its lowest level since February 2014. Private residential construction hit its highest level since April 2007. The figures weren't adjusted for inflation.
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(END) Dow Jones Newswires
September 01, 2017 10:26 ET (14:26 GMT)