U.S. construction spending hits highest level in 5-1/2 years

Construction spending increased 1.8 percent to an annual rate of $981.31 billion, the highest level since December 2008, the Commerce Department said on Tuesday. July's percentage increase was the largest since May 2012 and reflected gains across all categories, with the exception of federal government. Economists polled by Reuters had forecast construction spending increasing 1.0 percent after a previously reported 1.8 percent drop in June. Construction spending in July was buoyed by a 3.4 percent jump in state and local government projects, which lifted outlays to their highest level since June 2012.

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