US Construction Spending up 2.2% in April

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Wednesday, June 3rd, 2015
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US construction spending climbed in April to the highest level in more than six years.

The Commerce Department says construction spending advanced 2.2 per cent in April to a seasonally adjusted annual rate of $US1.0 trillion ($A1.3 trillion), the highest level since November 2008.

Spending had risen a more modest 0.5 per cent in March.

The gain included a 0.6 per cent rise in residential construction and a 3.1 per cent jump in non-residential activity such as office buildings, hotels and shopping centres.

Government projects increased 3.3 per cent, reflecting the biggest jump in spending on state and local projects in three years.

Economists are looking for construction to provide solid support to the economy this year.

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