Residential construction spending hit five-year high in 2013
Tuesday, February 04, 2014 11:25 AM
Last year's private spending on home construction projects hit the highest level since 2008, but remained far below the record, according to the U.S. Department of Commerce, MarketWatch reported. Residential construction spending reached $330.7 billion in 2013, up 18 percent from the prior year. Despite that gain, spending last year was 46 percent off a 2006 peak. Looking forward, there's concern that increasingly expensive homes and new mortgage rules could take a bite out of the housing market's recovery, particularly if the economy doesn't add enough good jobs.