The U.S. Department of Commerce has released construction spending data for July.
According to the report, seasonally adjusted construction expenditures in the country saw a 0.7 percent increase compared to the previous month, reaching a total of $1.973 trillion in July.
Construction expenditures, surpassing market expectations, were projected to rise by 0.5 percent during this period. Additionally, construction expenditures had also increased by 0.6 percent in June.
In a breakdown, public construction expenditures experienced a 0.4 percent decrease in July, while private sector construction expenditures rose by 1 percent.
On a year-on-year basis, construction expenditures in July witnessed a significant increase of 5.5 percent.