U.S. construction spending rebounds strongly

construction-spending-misses-expectations-falls-06U.S. construction spending rebounded strongly to hit its highest level in more than 5½ years in July.

Construction spending increased 1.8 percent to an annual rate of $981.31 billion, the highest level since December 2008, said the Commerce Department on Tuesday.

The housing market recovery is back on track after stagnating from the second half of 2013 in the wake of a spike in mortgage rates and higher home prices amid a stock shortage.

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