New data compiled by the US Commerce Department has revealed that construction spending in July reached its highest level since 2008 with an annual spending rate of $$1.08 trillion, having risen by almost 14% in a year. The majority of the money has been spent on the construction of houses, factories and powerplants; a growth in rates of residential construction in particular is believed to have driven the sector’s economic recovery.
New data compiled by the US Commerce Department has revealed that construction spending in July reached its highest level since 2008 with an annual spending rate of $1.08tn, having risen by almost 14% in a year. The majority of the money has been spent on the construction of houses, factories and powerplants; a growth in rates of residential construction in particular is believed to have driven the sector’s economic recovery.