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David Woodruff

US Construction Spending Hits New Post-Recession Peak

by David Woodruff | Dun & Bradstreet Editor

August 3, 2015 | Comments Off on US Construction Spending Hits New Post-Recession Peak

Post-recession, US construction spending has hit a new high. Construction spending nationwide rose 0.8% in May to a seasonally adjusted annual rate of $1.036 trillion. The welcome bump represents the highest level since October 2008, according to the Commerce Department. Spending broke the $1 trillion mark in March 2015. Reaching the new peak was possible because of private construction spending, the highest since July 2008. The latest milestone can be attributed to spending on private nonresidential building, which inched up 1.5% to $393 billion, as well as manufacturing spending during the past year. For more trends, please see our Construction Sector profile.