US construction spending rose 0.9 percent in May
WASHINGTON – A surge in homebuilding pushed U.S. construction spending up by the largest amount in five months, the latest indication that the housing sector is slowly recovering.
Construction spending rose 0.9 percent in May from April, the Commerce Department reported Monday. It was the second straight monthly increase and the biggest percentage gain since December.
The May increase pushed spending to a seasonally adjusted annual rate of $830 billion. That is 11.3 percent above a 12-year low hit in February 2011. Still, the level of spending is roughly half of what economists consider to be healthy.
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