The U.S. Commerce Department released construction spending data on Wednesday. Construction spending in the U.S. rose 0.8% in May, exceeding expectations for a 0.6% gain, after a 2.1% increase in April. April's figure was revised down from a 2.2% rise.
The rise was driven by an increase in private and public construction. Private construction spending gained 0.9% in May, while public construction spending increased 0.7%.