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Financial News: U.S. Construction Spending Unexpectedly Drops 0.6% In July

U.S. Construction Spending Unexpectedly Drops 0.6% In July

09/01/2017 - 10:24:00 (RTTNews)

(RTTNews) - Partly reflecting a steep drop in spending on public construction, the Commerce Department released a report on Friday showing an unexpected decrease in U.S. construction spending in the month of July.

The report said construction spending fell by 0.6 percent to an annual rate of $1.212 trillion in July from the revised June estimate of $1.219 trillion. Economists had expected spending to rise by 0.5 percent.

The unexpected decrease came as spending on public construction tumbled by 1.4 percent to an annual rate of $266.0 billion. Spending on educational construction showed a steep 4.4 percent drop.

The Commerce Department said spending on private construction also dipped by 0.4 percent to an annual rate of $945.5 billion.

Spending on non-residential construction slumped by 1.9 percent, more than offsetting a 0.4 percent increase in spending on residential construction.

Despite the monthly decrease, the Commerce Department said construction spending in July was up by 1.8 percent compared to the same month a year ago.

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