Construction spending in July 2015 improved to the highest level since May 2008, according to the U.S. Census Bureau of the Department of Commerce.
Based on the U.S. Census Bureau’s report, overall construction spending in July 2015 improved 0.7% from June’s total, and overall spending increased 13.7% over the past 12 months.
Private construction spending increased 1.3% during the month, driven primarily by an increase in new single-family houses, power facilities and manufacturing facilities of 2.1%, 4.7% and 2.1%, respectively.
New housing starts rose 0.2% in July 2015, driven by single-family housing starts, which rose 12.8% during July according to the U.S. Department of Housing and Urban Development.
Public construction spending dropped 1.0% during the month; however, public spending has risen over the past 12 months as a result of continued spending to add to and improve the nation’s streets and highways.
August 2015 results and estimates are expected to be released in early October.