Spending for construction in the U.S. hit its highest level in 5-1/2 years in July. The rise in construction spending was due in part to rise in private construction, as well as state and local government.
According to the Commerce Department, construction spending rose 1.8%, reaching its highest level since December 2008.
The increased spending came about from increased construction in all sectors except for federal government, which decreased 1.1%. State and local government construction spending rose 3.4%.
Private construction had the highest increase in construction spending at 1.4%, helping that sector reach its highest level of spending since November 2008. An increase in private residential construction spending was due mostly to home improvements as opposed to new builds.
Construction spending for private nonresidential structures increased 2.1%, reaching that sector's highest spending level in five years.
Read the full article to learn more.
