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US construction spending rises to highest level in 8 years

from ABC News

U.S. construction spending jumped in October, fueled by solid gains in homebuilding and the largest increase in federal construction in nine years. The Commerce Department said recently that construction spending rose 1 percent in October from the previous month to a seasonally adjusted annual rate of more than $1.1 trillion. That's the highest level since December 2007 when the Great Recession began. More Americans are buying new homes or renting apartments, driving greater residential development. And federal, state and local governments, spurred partly by greater tax revenue, are building more roads and schools. Construction spending has increased 13 percent in the past 12 months. more


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