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Construction Spending in U.S. Rises, Led by Residential Projects

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.