Construction Spending Reaches Highest Level Since Dec. 2009

According to an analysis of new federal data released earlier this month by the Associated General Contractors of America, construction spending rose to a 2-1/2 year high in June. Double digit percentage increases in private residential and non-residential construction more than offset an ongoing downturn in public construction.
“The June spending gains come on top of upward revisions to May and April totals, reinforcing the notion that private construction is now growing consistently,” said Ken Simonson, the association’s chief economist. “Even more encouraging, the improvement is showing up in a wide range of residential and nonresidential categories.”

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