Construction spending rose 0.6% in August
Construction spending in August rose to the highest level in more than four years, growing 0.6% over July, the Commerce Department reported Tuesday.
Led by private residential building, construction spending rose to a seasonally adjusted annual rate of $915 billion, growing 7.1% over the previous August, the Commerce Department reported Tuesday.
The growth in the construction industry is no surprise given the strength of the housing recovery over the last year.
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Tuesday’s report showed that the bulk of spending was in private construction, which rose 0.7% in August, reaching an annual rate of $640.5 billion. Public construction, by comparison, rose 0.4% and reached an annual rate of $274.5 billion.
Lodging construction, which includes hotels and motels, also had a solid gain in August, rising 2.6% in August from the previous month. The value of construction spending in this area reached an annual rate of $15.2 million.
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