Outlays for construction projects rose a slight 0.1% in June at a seasonally adjusted annual rate of $1.55 trillion, the Commerce Department reported Monday. Economists polled by the Wall Street Journal had expected a 0.5% increase.
Spending in May was revised up slightly to a 0.2% fall from the prior estimate of a 0.3% fall.
In keeping with recent trends, residential construction was stronger than the non-residential and public sectors.
Residential construction rose 1.1% in June, while spending on public construction projects fell 1.2%. Non-residential construction was down 0.7% last month.
Over the past year, residential spending is up 28.8% while nonresidential spending is down 6.6%, with spending on education and houses of worship leading the declines.
Stocks jumped at the open on Monday with the Dow Jones Industrial Average
up 172 points in early trading.