U.S. construction spending hits highest level since 2009

Construction spending rose 0.6 percent in July due to strong gains from the housing and nonresidential sectors. Residential spending will remain strong, but private nonresidential spending will be very uneven and public construction spending remains threatened. It was the strongest month for construction spending since 2009, with total construction activity increasing to a seasonally adjusted annual rate of $900.8 billion, according to the Commerce Department. Read the American City Business Journals/Kansas City, Mo. story here.