The Commerce Department reported that construction spending in July climbed to its highest level in more than seven years. According to the release, construction spending during July 2015 was estimated at a seasonally adjusted annual rate of $1.08 trillion, 0.7 percent above the revised June estimate. The July figure is 13.7 percent above the July 2014 estimate of $952.5 billion. During the first 7 months of this year, construction spending amounted to $583.2 billion, 9.3 percent above the $533.7 billion for the same period in 2014.
“Ground breakings for houses, apartment complexes and commercial centers have helped to improve overall economic growth. The government said last week that the U.S. economy expanded at an annual rate of 3.7 percent in the April-June quarter, after having edged up just 0.6 percent in the first quarter.” AP
Read more at US construction spending reaches highest level in 7 years, AP News 9/1/15
Read the US Dept. of Commerce release
