Construction Spending Grows in June

Construction spending increased 0.1% in June following a drop in the month before, the Commerce Department said Monday.

The increase followed a revised 1% decline in May that was larger than originally reported and the first decrease in four months.

Economists had forecast a 0.5% drop in construction spending in June, Bloomberg reported.

Private residential construction fell 0.8%, while spending on private non-residential construction projects dropped 0.5%. Public construction spending rose 1.5%.

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