Construction spending in the U.S. showed a surprise 0.6% decline in July, as spending in both residential and commercial construction tapered in the month, the Commerce Department reported Tuesday.
The decline in July follows a 0.3% increase in June and marks a sharper decline than the 0.4% drop economists were expecting. Residential construction fell 2.3%, and non-residential spending fell 0.7%.
The fresh data appeared to have little effect on the direction of homebuilder stocks early in the session Tuesday. Howewver, in recent afternoon trading they were mostly trading higher:
was up 3% at $12.84,
was up 1.3% at $16.44,
was up 1.5% at $14.72, and
was roughly flat at $24.89. The
SPDR S&P Homebuilders ETF
was recently up 2.5% at $20.23.
This article was written by a staff member of TheStreet.com.