Construction, Remodeling Spending Rises

New York, NY, May 10, 2012 -- Spending on construction and home remodeling is at a three-year high, according to a Bloomberg News story.

Spending rose 9.1% from a year ago to an annualized $360.7 billion for the three months ended March 31, Bloomberg said.

It was the fourth consecutive quarter of increases and was the fastest pace of yearly growth since 2006, Bloomberg said, citing Bureau of Economic Analysis data.