Contact Us Now

Cincinnati Office PHONE: 513-412-3481
TOLL FREE: 800-427-7212
FAX: 513-412-3482
Providence Office TOLL FREE: 877-395-1031

 
 
 

OUR FAMILY OF
STRATEGIC TAX SERVICES

News

September 1, 2015

U.S. Construction Spending Hits a New Postrecession High

 

U.S. construction spending rose to the highest level in more than seven years in July, suggesting that the housing market and business investment can help underpin economic growth amid turbulence outside American borders.

Total construction spending climbed 0.7% from the prior month to a seasonally adjusted annual rate of $1.083 trillion, the Commerce Department said Tuesday, the highest level since May 2008.
Private building led the way, with both residential and nonresidential construction hitting new postrecession highs. State and local government spending dropped in July, but only after posting solid gains during the previous four months.
“The overall impression from the past few months is that the construction sector overall is the strongest part of the economy, with spending up at a remarkable 26% annualized rate in the three months to July,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note to clients. More...

 
Back to Top