Construction Spending at Highest Level in Four Years

Residential construction in May was at a seasonally adjusted rate of $322.3 billion, according to the U.S. Department of Commerce. This is 1.2 percent above the rate in April and 22.7 percent above May 2012.

Overall construction spending was up 0.5 percent from April to $874.9 billion, the highest it has been in almost four years. Nonresidential private construction was down 1.4 percent from April to $283.1 billion, and total public construction was up 1.8 percent to $269.5 billion.