The U.S. Commerce Department released its construction spending report for the month of May, indicating the highest level of spending on construction since the recession, as reported in this article from The Wall Street Journal.
U.S. construction spending hit a new postrecession peak in May, a likely boost for the economy in the second quarter of the year.
U.S. construction spending advanced 0.8% to a seasonally adjusted annual rate of $1.036 trillion in May, the highest level since October 2008, the Commerce Department said Wednesday.
The measure has been climbing steadily since December and in March broke $1 trillion for the first time since 2008.
In May, spending on private nonresidential building led the way, climbing 1.5% to $393 billion, the highest figure since December 2008. Manufacturing spending has been especially robust over the past year.
Overall, spending on all private construction – residential and nonresidential – was the highest since July 2008.
