U.S. Construction Spending at Highest Level Since March 2008
Washington -- The Commerce Department has announced that the United States construction spending is at the highest rate since March 2008. Construction spending rose .6% from September to October. The surge in multi-family construction was a major reason for this.
Spending on construction rose to $1.09 trillion. Construction of multi-family homes (condos and apartments) rose 4.9% from August to September. Another surge came from private homebuilding financed by home buyers, which rose 6.1% from July to September.
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