On Monday the U.S. Commerce Department revealed that construction spending rose in May nearly 1%, raising the annual rate to approximately $830 billion. In April, spending had risen more than one-half a percent.
The current reported levels in construction mean that U.S. construction spending has reached its highest level since mid 2009. Most attribute the rise to increased investments in federal and residential projects.
Economists had assumed that the spending in the industry would rise only about tw0-tenths of a percent rather than the actual 0.9 May increase.
Good news for the industry… fingers crossed that the trend continues.