U.S. construction spending hits highest level since 2008

September 3, 2014

According to Reuters, the Commerce Department reported construction spending increased 1.8 percent to an annual rate of $981.31 billion, the highest level since December 2008. Private construction makes up the largest portion of construction spending as it advanced 1.4 percent to its highest level since November 2008. Private residential construction spending gained 0.7 percent.