US construction spending advanced 0.8% to a seasonally adjusted annual rate of $1.036 trillion in May. The data released by the Commerce Department today shows a new post-recession peak for the measure as it reached its highest level since October 2008. Private non-residential building spending of $393B led the way, climbing to its highest level since December 2008. Spending on all private construction combined was the highest since July 2008. One area that is lagging is the power segment, where spending is down 23.5% from last year. [WSJ]
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