Construction Spending on the Rise
The Commerce Department released a new report showing that construction spending increased 1.5 percent in January. As the New York Times reports, that increase is not only the largest one in eight months, it is also an eight year high.
Despite the optimistic numbers, Steve Blitz, chief economist at ITG Investment Research, cautioned that these number do not indicate a coming boom in construction, although they also don't "support the notion of an economy slipping into recession," the New York Times reported.
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