And the beat goes on.
On the heels of a 2.1 percent increase in April, the U.S. Commerce Department has announced that construction spending in the United States was up another 0.8 percent in May. According to an article in the Associated Press, this latest spike has pushed total activity to the highest point since the fall of 2008.
Of all the major categories, non-residential building saw the biggest rise at 1.5 percent, which reflected increases in spending on the construction of hotels, manufacturing facilities and amusement parks. Additionally, spending on government projects was up 0.7 percent and residential construction spending rose 0.3 percent. According to the Commerce Department, spending was up in May across all major categories and the gains pushed totaled activity to a seasonally adjusted rate of $1.04 trillion, the best mark since October 2008.
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