Construction spending jumps to highest point since 2009

Construction spending increased markedly.

The amount of construction spending in the United States grew to its largest amount since the end of 2009 during May, according to the U.S. Census Bureau.

Total construction spending during the month was $830 billion, which was 0.9 percent higher than April's figure of $822.5 billion. When comparing it to the same period in 2011, May's rate was 7 percent above May 2011's $775.8 billion, the report said. The year through May witnessed a spending total of $310.5 billion, which was 9.4 percent higher than the same period in 2011, which had $283.8 billion.

The news may be positive for property management companies, as the inventory has declined recently, and many people are seeking out rental properties.

"We're definitely seeing a rebound in home building, absolutely no question about that," Gus Faucher, a senior economist at PNC Financial Services Group, told Bloomberg. "Construction is going to be a positive for growth, primarily on the residential side this year, and maybe more on the commercial side in 2013."

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