Construction Spending Climbs to More Than Two-Year High
Construction spending rose in May to the highest level in more than two years, the Commerce Department said Monday.
The 0.9% increase followed a 0.6% gain in April that was larger than the 0.3% originally reported, Commerce said.
Economists had forecast a 0.2% increase, Bloomberg reported.
Private non-residential construction spending rose 0.4%, while homebuilding outlays jumped 3%. Public construction dropped 0.4%
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
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