Construction spending rose in August, as companies and the government ramped up projects across the U.S.
Spending on construction projects rose 0.5% in August to $1.98 trillion, the Commerce Department reported Monday.
The figure fell short of expectations on Wall Street. Economists were expecting construction spending to rise 0.6% in August.
Construction spending reveals how much the government and private companies spend on projects, from housing to highways. The more the U.S. spends on construction, the higher the level of economic activity.
The government revised spending on construction in July to 0.9% from an initial read of a 0.7% increase.
Over the past year, construction spending is up 7.4%.
In terms of residential real estate, private residential construction rose 0.6% in August from the month before. Single-family construction rose 1.7% in August, while multifamily rose 0.6%.
Spending on public residential construction fell by 1.1%.
Stocks
DJIA
SPX
were mixed in early trading on Monday. The 10-year Treasury note
BX:TMUBMUSD10Y
rose over 4.6%
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