US construction spending rises 0.5% in June, lower than estimates

US construction spending rises 0.5% in June, lower than estimates

Figure up 3.5% on annual basis, Commerce Department data shows

By Ovunc Kutlu

ISTANBUL (AA) – US construction spending rose 0.5% to $1,938.4 billion in June, according to the Commerce Department figures released Tuesday.

Construction spending, one of the major indicators of well-being in the construction sector, came lower than the market expectation of a 0.6% gain.

The figure for May was revised to $1,929.6 billion, up 1.1% from the previous month, the data showed.

Annually, the reading in June was 3.5% above the figure from the same month last year, when it stood at $1,873.2 billion, the Commerce Department said.

Spending on private construction in June stood at $1,516.9 billion – 0.5% above the revised May figure of $1,509.4 billion.

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