Construction spending hits all-time high

U.S. construction spending rebounded in July, rising to the highest level on record, the government has reported.

The rebound, which came after a June lull, meant that the value of buildings put in place clocked in at a seasonally adjusted annual rate of $997.2 billion, an all-time high level, the Commerce Department reported. That represented a 0.4 percent increase over June’s level.

Gains for July were widespread, with spending by private builders on residential units and spending by government on big public works projects each coming in at all-time high.