U.S. Construction Spending Climbs to 7-Year High

September 2, 2015

U.S. construction spending rose 0.7 percent to a seasonally adjusted annual rate of $1.08 trillion, the highest level since 2008, according to data from the U.S. Department of Commerce.

The increase in spending was led by factory and power plant construction, as well as residential construction.

Total construction spending has risen 13.7 percent over the past 12 months.

In July, construction of single-family houses advanced 2.1 percent. Factories rose 4.7 percent, and power facilities increased 2.1 percent.