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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