By Jeffry Bartash
WASHINGTON (MarketWatch) - Spending on U.S. construction projects fell by 1.8% in June - almost entirel on commercial projects, the government said Friday. Outlays are still up 5.5% from the same time last year, however. Economists polled by MarketWatch had expected a 0.3% increase in construction spending. The Commerce Department said construction outlays decreased to an annual rate of $900.3 billion, adjusted for seasonal variations. Spending for new houses, condos, apartment buildings and other residential properties dipped 0.2%. Outlays on commercial projects sank 2.8%, however, to drag the overall number sharply lower. Spending in May, meanwhile, was revised up to show a 0.8% gain instead of 0.1%.
