Spending on U.S. construction edged up 0.4% in May. This brings construction spending totals to a high of $1.31 trillion, 4.5% higher than last year, according to the U.S. Department of Commerce. Private construction rose 0.3% and residential projects rose 0.8%. Economists forecast that construction spending will contribute to overall growth this year even with rising interest rates. April spending was revised down significantly —showing signs that new building remains uneven despite the growing economy.
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