Construction Spending Rises to 2008 Levels
U.S. construction spending rose 0.6% in September to the highest level since March 2008, pushed up by a surge in apartment building, according to U.S. News & World Report. The report cited Commerce Department data, indicating that spending on construction rose to a seasonally adjusted annual rate of $1.09 trillion. Construction of apartments and condominiums jumped 4.9 percent in September from August, while construction of single-family homes rose 1.3 percent. Overall, private residential construction rose to the highest level since January 2008.
ABC News sites a Commerce report last week that private investment in housing grew at an annual pace of 6.1% from July through September—four times the 1.5% growth registered by the overall economy.
A Reuters report says construction spending is now at a 7-1/2 year high, dating back to March, 2008.