Mumbai, Nov. 18 -- Construction spending in the U.S. unexpectedly saw a modest increase in the month of August, according to a report released by the Commerce Department on Monday.
The Commerce Department said construction spending crept up by 0.2 percent to an annual rate of $2.169 trillion in August after rising by 0.2 percent to a revised rate of $2.165 trillion in July.
The unexpected uptick by total construction spending came as spending on private construction rose by 0.3 percent to an annual rate of $1.652 trillion.
Spending on residential construction grew by 0.8 percent to an annual rate of $914.8 billion, more than offsetting a 0.3 percent dip in spending on non-residential construction to an annual rate of $737.3 billion.
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