Construction Spending Declines in July

Construction spending fell 0.6% in July, the Commerce Department said Tuesday.

The downturn followed a revised 0.3% decline the prior month, Commerce said.

Economists had forecast a 0.4% decline, Bloomberg reported.

Private residential construction fell 2.3%, to the lowest level since March 2001. Private non-residential construction projects fell 0.7%.

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