US construction spending inched higher in July but fell short of market expectations, despite a healthy increase in private residential construction outlays, a government report showed today.
Construction spending was a seasonally adjusted $879.8 billion in July, the Commerce Department said, up 0.2 per cent from $877.8 billion in June. Analysts polled by Reuters had expected a 0.5 per cent increase. June's rise was revised higher to a 0.7 per cent gain.
Private residential construction, the largest spending category, climbed 0.6 per cent to a seasonally adjusted $449.6 billion in July, the largest increase since a 1.9 per cent jump in January. It was the third consecutive monthly increase for that category.