Construction spending in the U.S. climbed in May, led by the strongest expenditures on residential projects in more than four years.
Outlays grew by 0.5 percent to an $874.9 billion annualized rate, the Commerce Department reported today in Washington. The median forecast of 53 economists surveyed by Bloomberg called for a 0.6 percent rise. Spending on housing climbed to the highest level since October 2008.
