The U.S. Commerce Department released construction spending data on Thursday. Construction spending in the U.S. rose 0.7% in August, exceeding expectations for a 0.5% gain, after a 0.4% increase in July. July's figure was revised down from a 0.7% rise.

The increase was mainly driven by a rise in private residential construction. Spending on private residential construction climbed 1.3% in August.

Spending on private non-residential construction projects increased 0.2% in August, while public construction spending increased 0.5%.