WASHINGTON - Spending on U.S. construction projects rose 0.1% in June, well below forecast. Economists polled by MarketWatch had expected a 0.8% increase. Yet the increase in spending in May was revised up sharply to 1.8% from 0.9%. Home builders have been busy at work amid an upsurge in demand for smaller units such as apartments and condos, especially properties to rent. The Commerce Department said construction outlays increased to an annual rate of $1.06 billion in June, adjusted for seasonal variations. Spending advanced 0.4% for new houses, condos, apartment buildings and other residential properties. Outlays on nonresidential and commercial projects was flat.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below