Construction Spending Holds Steady in July

September 1, 2005 10:30 AM, EDT

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.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.

Spending was up 0.6% compared with July 2004, Commerce said.

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.