US construction spend reaches high on strength of residential projects

Construction spending in the U.S. reached an all-time high in May on the strength of homebuilding—both from the public and private sectors. According to the latest data from the Commerce Department, spending rose 0.4 percent in May to a seasonally adjusted annual rate of $1.309 trillion. Private sector spending rose 0.3 percent to $1.005 trillion, while government spending rose 0.7 percent to $304 billion. U.S. construction spending is now 4.5 percent higher than it was one year ago.

Source: Equipment World