U.S. construction spending at record high for 2018

The Department of Commerce announced March 4 that U.S. construction spending reached a record level in 2018, rising 4.1% to $1.3 trillion, beating the previous record high of $1.16 trillion set in 2006.

Despite the record high, the percentage increase was the lowest since 2011. Public construction fell 0.6 percent, a drop fueled by a 2.2 percent drop in federal spending and a 0.5 percent decline in state and local spending.