Construction Spending in U.S. Hits Three-Year High

Construction spending in June rose 0.4% to reach its highest level since November 2009.

Construction spending in June was at the highest level its been in almost three years. Spending rose 0.4% to $842 billion, which is the highest rate since November 2009. May's spending numbers were also revised by economists to a 1.6% increase in spending from the originally reported 0.9%.

The increased spending has come mostly from the housing sector, which has been helped by improvements in lending standards for home buyers.

While the housing sector increased, spending for public construction was similar in June to previous months, dropping 1.6%. Spending by state and local government agencies rose 0.2%.

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