Construction Spending Reaches Highest Level since 2008

The high levels show a rebound in housing since the 2008 recession.

Construction spending for residential housing reached it's highest level in 4.5 years in May. While there has been a drop in nonresidential activity, overall construction spending is on the rise. 

In May, spending rose 0.5 percent and in April, it rose 0.1 percent. In fact, construction spending has risen to $874.9 billion - 5.4 percent more than this time last year. 

In the course of 2012, spending increased 9.8 percent over the rates in 2011. 

Part of the increase may be due to an increase in in employment. 

New home sales have risen 2.3 percent, the highest in five years. Previously occupied home sales have surpassed the 5 million mark, the first time in 3.5 years. 

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