Housing, Construction Providing Economic Boost

New York, NY, July 3, 2012 -- The economy may be turning the corner thanks to renewed life in construction and housing.

Gary Schlossberg, Chief Economist at Wells Capital Management, told CNBC that a recovery in those sectors will help support to the economy for the rest of the year.

The government said Monday that domestic construction spending increased a better-than-expected 0.9% in May to an annual rate of $830 billion, the highest level since December 2009.

"I think it's interesting that the construction spending numbers do point to the fact that this recovery, such that it is, is being led increasingly by housing, which could provide some support to the economy later in the year," Schlossberg told CNBC.


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