October 02, 2017 - 7:05 AM
WASHINGTON - U.S. construction spending rebounded in August after two months of declines, helped by strength in home building, nonresidential construction and state and local government construction.
The Commerce Department says construction spending increased 0.5 per cent in August after declines of 1.2 per cent in July and 0.8 per cent in June. It was the best showing since a 1.6 per cent rise in May. Still, the August gain was not enough to recoup the losses of the past two months, leaving spending 1.5 per cent below the May level.
Housing construction was up 0.4 per cent. Nonresidential activity increased 0.5 per cent, reflecting strength in hotel and office building. The August rebound was also helped by a gain in spending by state and local governments, which helped offset a further decline at the federal level.
News from © The Associated Press, 2017