U.S. Construction Spending Unexpectedly Dips 0.3% In July

The Commerce Department released a repot on Tuesday unexpectedly showing a decrease by U.S. construction spending in the month of July.

The report said construction spending fell by 0.3 percent to an annual rate of $2.163 trillion in July, while revised data showed construction spending was nearly unchanged at an annual rate of $2.169 trillion in June.

Economists had expected construction spending to come in unchanged compared to the 0.3 percent decrease originally reported for the previous month.

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The unexpected dip by total construction spending came as spending on private construction slid by 0.4 percent to an annual rate of $1.679 trillion.

Spending on residential construction fell by 0.4 percent to an annual rate of $941.6 billion, while spending on non-residential construction declined by 0.4 percent to an annual rate of $737.2 billion.

Meanwhile, the Commerce Department said spending on public construction inched up by 0.1 percent to an annual rate of $484.0 billion.

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