Construction Spending at Highest Level since Great Recession
Construction spending in the United States is at its highest level in eight years, the Commerce Department reported. In 2015, construction spending reached $1.097 trillion, which is 10.7% higher than 2014's spending at $993.4 billion. It is the highest level of construction spending since 2007. At that time, spending was at $1.148 trillion.
The bulk of last year's expenditures were from the private sector, which was 70% of construction spending. Private construction reached $806.1 billion, 12.3% above 2014. Private construction includes new homes, apartments, and private non-residential projects.
Public construction saw an increase as well. In 2015, public construction spending reached $291.2 billion - 5.6% higher than 2014. Education construction reached $67.3 billion. Lastly, highway construction reached $89.6 billion.
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