WASHINGTON – U.S. construction spending in July climbed to its highest level in more than seven years, boosted by an increase in the building of houses, factories and power plants.
The Commerce Department says construction spending rose 0.7 percent to a seasonally adjusted annual rate of $1.08 trillion, the highest level since May 2008. The report also revised up the June increase in construction spending to 0.7 percent from 0.1 percent previously.
Construction of single-family houses advanced 2.1 percent in July. Factories rose 4.7 percent, and power facilities increased 2.1 percent. Spending on government building projects slipped 1 percent.
Total construction spending has risen 13.7 percent over the past 12 months.