August construction spending rises 0.6%

Oct. 22, 2013, 10:06 a.m. EDT

WASHINGTON (MarketWatch) - Outlays for U.S. construction projects rose 0.6% in August, the Commerce Department reported Tuesday.

Economists polled by MarketWatch had expected a 0.5% increase. Spending in July was revised to a 1.4% gain from the initial estimate of a 0.6% rise. In August, spending on residential construction rose 1.2% while nonresidential construction increased 0.1%. The data are already a bit outdated. Anecdotal reports about September construction activity have already been released. The Federal Reserve's most recent survey of economist conditions released last week found residential construction continued to increase at a "moderate pace" in September while business construction expanded at a relatively slower rate.