U.S. Construction Spending rose 0.7% in July after increasing an upwardly revised 0.7% (from 0.1%) in June. I had forecast an increase of 0.6%.
Private residential construction increased 1.1% in July, up from a 0.9% increase seen in June. Spending on new structures increased 1.2% in July, down from +1.4% in June. Spending has been increasing by roughly 1.3% each month since April. Home improvement project spending rose by 0.9% after declining 0.1% the previous month.
In aggregate, construction spending remained robust in July and where I expected to see it.
The Northwest Multiple Listing Service released its data regarding homes sales in Washington State and the results were as expected with listing activity declining, and sales and sale prices higher.
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