U.S. Construction Spending at Highest Level since September 2009

The Commerce Department announced July 1 that total U.S. construction spending rose 0.5 percent in May, compared to the previous month, according to a same-day article in the Wall Street Journal. Overall construction spending reached a seasonally adjusted annual rate of $874.9 billion, the highest level since September 2009.

Residential construction rose 1.2 percent in the month, and was up 22.7 percent year-over-year. Construction of public buildings was up 1.8 percent for the month, but was down 4.7 percent year-over-year, according to the article.

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