Construction Spending Rises to 2008 Levels

By / November 2, 2015

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.



LBM Journal

LBM Journal is the leading media company serving lumberyards, building material distributors, wholesalers, manufacturers, and service providers. Have news you would like to share with us? Go to lbmjournal.com/submit-news-to-us