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Real Estate

Construction spending grows in July

Reaches highest level in four years

Construction spending in the U.S. grew in July to its highest level in four years, due to gains in residential real estate, Bloomberg News reports.

Outlays climbed 0.6% to a $900.8 billion annual rate, the most since June 2009, after being little changed in June, the Commerce Department reported today in Washington. 

“We’re going to continue to post growth,” Mike Englund, chief economist at Action Economics LLC in Boulder, Colorado, said before the report. “It’s growing a little faster than the broader economy, obviously getting help from residential construction.”

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