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Outlays for construction projects rose a slight 0.1% in June at a seasonally adjusted annual rate of $1.55 trillion, the Commerce Department reported Monday. Economists polled by the Wall Street Journal had expected a 0.5% increase.
Spending in May was revised up slightly to a 0.2% fall from the prior estimate of a 0.3% fall.
In keeping with recent trends, residential construction was stronger than the non-residential and public sectors.
Residential construction rose 1.1% in June, while spending on public construction projects fell 1.2%. Non-residential construction was down 0.7% last month.
Over the past year, residential spending is up 28.8% while nonresidential spending is down 6.6%, with spending on education and houses of worship leading the declines.
Stocks jumped at the open on Monday with the Dow Jones Industrial Average
DJIA,
up 172 points in early trading.
