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Construction Spending Rises for Third Month
Construction spending rose 0.2% in June for a third straight increase, the Commerce Department said Monday.
The gain followed a revised 0.3% increase in May that was originally reported as a 0.6% decline, Commerce said.
The June gain slightly topped economists’ median forecast of a 0.1% increase, Bloomberg reported.
Private construction spending rose 0.8%, while homebuilding spending fell 2.1%.
Public construction spending declined 0.7%, as state and local government projects fell 0.6%. Federal construction spending declined 2.2%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
