Tom Biery/Trans Pixs
Construction spending rose to a four-year high in July, the Commerce Department reported Sept. 3.
The 0.6% increase brought spending to an annual $900.8 billion rate, the highest since June 2009.
The July increase — which followed a flat reading in June that had originally been reported as a 0.6% decline — topped economists’ median forecast of a 0.4% gain, Bloomberg News reported.
Spending rose 5.2% in the 12 months ended in July after adjusting for seasonal variations, Bloomberg reported, citing Commerce figures.
July residential construction rose at a 12.9% annual rate, while public project outlays dipped 0.3%.
Federal spending rose 1.1%, the biggest increase since October, while state and local construction projects fell 0.4%.