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NEWS SUMMARY: US construction spending increases

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NEWS SUMMARY: US construction spending increases
Submitted by Fox First at Ten on July 2nd

By The Associated Press
CONSTRUCTION UP: A surge in homebuilding U.S. construction spending up in May, the latest indication that the housing sector is slowly recovering.
THE NUMBERS: Spending rose 0.9 percent in May to a seasonally adjusted annual rate of $830 billion. While that's 11.3 percent above a 12-year low hit in February 2011, it's still roughly half the level of spending considered healthy.
THE OUTLOOK : Builders have grown more confident in the housing market this year, leading to more construction. But the job market has fizzled in recent months and growth is slowing, which could weigh on the modest housing recovery.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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