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Construction Spending in U.S. Increased 0.3% in June (Update1)
Aug. 1 (Bloomberg) -- U.S. construction spending increased in June by the most in three months as companies built more factories and offices at the same time homebuilding slowed.
The 0.3 percent rise during the month followed no change in May, previously reported as a 0.4 percent decline, the Commerce Department said today in Washington.
A slowdown in the housing market after five years of record sales means the economy will depend more on corporate investment in new facilities as a source of strength. Non-residential construction rose in June by the most in six months, today's report showed.
``Non-residential construction continues to provide a strong offset to the drag from the housing slowdown,'' said Zoltan Pozsar, economist at Moody's Economy.com in West Chester, Pennsylvania.
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Housing Market Cooling Quickly
A trade group reports that mortgage applications in the U.S. have fallen to their lowest level since May 2002, another sign that the housing market is cooling quickly.
The drop comes as Federal Reserve board members ponder whether to raise interest rates for an 18th straight time when they meet next week.
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