US construction spending reaches highest level in 7 years
US construction spending rises 0.7 percent in July; led by houses, factories and power plants
WASHINGTON (AP) — U.S. construction spending in July climbed to its highest level in more than seven years, boosted by an increase in the building of houses, factories and power plants.
The Commerce Department said Tuesday that construction spending rose 0.7 percent to a seasonally adjusted annual rate of $1.08 trillion, the highest level since May 2008. The report also revised up the June increase in construction spending to 0.7 percent from 0.1 percent previously.
Ground breakings for houses, apartment complexes and commercial centers have helped to improve overall economic growth. The government said last week that the U.S. economy expanded at an annual rate of 3.7 percent in the April-June quarter, after having edged up just 0.6 percent in the first quarter.Read Full Article