June Construction Spending Rises on Housing

Washington, DC, Aug. 1, 2012 — Gains in homebuilding sent U.S. construction spending higher for a third straight month in June, according to the Commerce Department.

Construction spending rose 0.4% in June following an upwardly revised 1.6% gain in May that was the biggest one-month increase since December.

The June increase pushed spending to a seasonally adjusted annual rate of $842.1 billion, up 12.9% from February 2011.