Construction Spending Hit 4-year High in July

Total construction spending hit a four-year high in July as private residential and nonresidential activity increased, according to an analysis of new Census Bureau data by the Associated General Contractors of America, released Sept. 3. Despite overall gains, public spending declined during the period.Construction put in place spending totaled $901 billion in July, the highest mark since June 2009, and totals for May and June were revised up, implying a stronger second quarter for the overall economy, according to the report. Private nonresidential spending gained 1.3 percent in July and 2 percent year-over-year, with substantial increases since July 2012 in lodging, warehouses and power, including oil, gas and electricity; and decreases in private health care construction and communication.

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