Construction Spending Declines in July

Construction spending fell in July by the most since January, the Commerce Department said Tuesday.

The 0.4% downturn followed a 0.1% gain in June, Commerce said.
 
Economists had forecast no change in spending, Bloomberg reported.

Private residential construction spending fell 1.4% for a 17th straight decline. Non-residential construction, including public projects, rose 0.6%.

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