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Raytheon moving to 1 building

Raytheon is looking to reduce its footprint by about 790,000 square feet.

The defense contractor is transitioning its operations to reside under one roof at its sprawling complex on Production Road in Fort Wayne. It is looking to sell three buildings.

In May, the company said it was moving “a small number of positions” from Fort Wayne to its Forest, Mississippi, plant to more efficiently use facilities.

The company said it will continue to maintain a strong engineering presence in Fort Wayne. A spokeswoman Tuesday said the sale of the property is related to the May announcement.

Factory orders up 1.1 percent

Orders to U.S. factories increased in June, led by demand for aircraft, industrial machinery and computers and electronics.

Orders rose a seasonally adjusted 1.1 percent compared with the previous month, the Commerce Department reported Tuesday. Factory orders had fallen 0.6 percent in May after three straight months of gains.

An 8.4 percent jump in demand for commercial aircraft fueled the latest gains. But there were additional increases outside this volatile category that point to businesses investing with the expectation of economic growth.

Orders for machinery rose 2.9 percent. Iron and steel mills had a 1.7 percent increase in demand, while orders for computers and electronic products were up 2.9 percent.

Excluding military hardware, factory orders rose 1 percent in June from May.

Service industries show slow growth

Service industries in the U.S. expanded in July at the fastest pace since December 2005, showing the economy was building more momentum at the start of the second half of 2014.

The Institute for Supply Management's non-manufacturing index increased to 58.7 from the prior month's 56, the Tempe, Arizona-based group said Tuesday. A reading greater than 50 shows expansion. The median estimate in a Bloomberg survey of economists was 56.5.

Home prices rise 7.5 percent in June

U.S. home prices rose in June by the smallest year-over-year amount in 20 months, slowed by modest sales and more properties coming on the market.

Data provider CoreLogic said Tuesday that prices rose 7.5 percent in June compared with 12 months earlier.

That's a solid gain but less than the 8.3 percent year-over-year increase in May and a recent year-to-year peak of 11.9 percent in February.

On a month-to-month basis, June prices rose just 1 percent, down from 1.4 percent in May. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer spring weather.