--Strong Construction Spending Rebound in America

Construction spending rebounded strongly in April, with an increase of 2.7 percent or $23 billion from March to a seasonally adjusted annual rate of $869 billion according to the latest analysis of federal spending figures released today by the Associated General Contractors of America. The association noted that the gains were primarily driven by private residential construction (up 4.4 percent) and public construction (up 2.4 percent), but that private nonresidential also increased significantly (up 1.7 percent).