Construction spending rose 0.9% in May, the fourth straight monthly increase and the biggest rise in almost a year and a half, the Commerce Department said Friday.
The upturn was the biggest since February 2006 and followed 0.2% rise in April that was higher than the 0.1% originally reported.
The increase was well above economists’ forecasts of a 0.1%, Bloomberg reported.
Private residential construction fell 0.8%. Public spending jumped 2.2%, led by hospitals and highways.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
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