U.S. construction spending hits four-year high

The U.S. Census Bureau of the Department of Commerce has announced that construction spending during May, 2013, was estimated at a seasonally-adjusted annual rate of $874.9 billion, which is the highest level reached in almost four years and is 0.5 percent above the revised April estimate of $870.3 billion. The May figure is 5.4 percent above the May, 2012, estimate of $830.4 billion. During the first five months of this year, construction spending amounted to $326.2 billion, 6.2 percent above the $307.0 billion for the same period in 2012.

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