US construction spending rose unexpectedly in June, according to figures released by the country’s Commerce Department.
Overall expenditure in the sector increased by 0.3 per cent, confounding analysts who had predicted further falls after a 0.8 per cent drop in May.
Public construction spending grew 1 per cent to $321.75 billion (£190 billion), the highest on record. State and local construction rose 1 percent, while federal building was up 1.9 per cent.
However, private construction spending fell by 0.1 per cent, despite private residential building increasing by 0.5 per cent. The figures were reported by Reuters.