U.S. single-family construction spending rises

Investment in U.S. construction was almost flat in June, but residential construction was a strong spot. The U.S. Commerce Department reported this week that construction spending rose by 0.1 percent. Private construction, however, rose by 0.4 percent, with spending on single-family homebuilding rallying by 1.8 percent. In a Reuters poll, economists had forecast an overall increase of 0.4 percent. On a year-over-year basis, total construction spending was up by 8.2 percent.