Construction spending hits 6-year high

102464342-GettyImages_461907958.530x298Reuters

U.S. construction spending rose in May to its highest level in just over 6½-years as outlays increased across the board, the latest sign of momentum in the economy.

Construction spending increased 0.8 percent to an annual rate of $1.04 trillion, the highest level since October 2008, the Commerce Department said on Wednesday.

April’s outlays were revised slightly to show a 2.1 percent gain instead of the previously reported 2.2 percent rise.

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