Construction Spending Surges in July

Washington, DC, Sept. 2, 2014 -- U.S. construction spending hit its highest level in more than 5-1/2 years in July, according to the Commerce Department.

Private construction as well as state and local government construction surged.

Construction spending rose 1.8% to an annual rate of $981.31 billion, the highest level since December 2008.

The percentage increase was the largest since May 2012.

Spending in June fell 0.9%.

Private construction, the largest portion of construction spending, increased 1.4% to its highest level since November 2008.