Construction Spending Holds Steady in July

.S. construction spending held steady at a $1.099 trillion annual rate in July, stemming four straight monthly declines, the Commerce Department said Thursday.

The level followed a revised 0.6% drop in June that had originally been reported at a 0.3% decline.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.

Private residential construction, which accounts for more than half of construction spending, rose 0.2% following a 0.2% drop in June.

Non-residential construction spending fell 0.3% following a 1.2% decline.

Construction spending by the government dropped 0.8% in July, Commerce said.