WASHINGTON - Builders began work on more office buildings, shopping centres and hotels in June, pushing construction spending higher for a third straight month. But even with the gains, activity remains at depressed levels.
The Commerce Department says construction spending rose 0.2 per cent in June to a seasonally adjusted annual rate of $772.3 billion. That put overall spending just 1.2 per cent higher than the 11-year low hit in March. It is just half of the $1.5 trillion pace considered healthy by most economists.