Construction spending beat expectations rising 0.6% in July.
Economists polled by Bloomberg were looking a 0.4% month-over-month rise.
Meanwhile, June’s number was revised up to reflect construction spending stayed flat, compared with an initial print that showed a 0.6% fall.
Overall residential spending was up 0.5% on the month,a nd 16.8% on the year.
Meanwhile, public safety spending was down 8.1% on the month, and 14.1% on th year.
Investors watch this number because it offers insights into the housing market and into homebuilder stocks.
It also helps gauge the health of the economy, as companies and the government invest in new infrastructure when they are feeling confident about the economy.
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