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 increase was driven largely by new home construction, which rose to $90bn from $81bn.
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.