Yahoo Finance 
Construction spending rises more than expected in July
(Lewis Hine, The New York Public Library collections)
Construction is booming.
In July, construction spending ticked up 0.7%, topping against expectations for a 0.6% increase.
Over the prior year spending was up 13.7%.
Residential construction spending, which accounts for about one-third of construction spending, rose 1.1% in July compared to the prior month. Against July 2014, residential construction spending rose 15.8%.
June's number was also revised higher to show spending grew 0.7% against an initial reading for a 0.1% in spending.
In July, housing starts rose to an annual rate of 1.21 million, a 7-year high. Amid the recent worries about economic growth both in the US and abroad, the housing market has been among the most robust areas of the economy.
In a note to clients following the report, Ian Shepherdson at Pantheon Macro said, "In one line: Booming."
Shepherdson added that the, "overall impression from the past few months is that the construction sector overall is the strongest part of the economy, with spending up at a remarkable 26% annualized rate in the three months to July, compared the previous three months."
Here's the chart from Shepherdson showing the year-over-year surge in construction spending in 2015.
(Pantheon Macro)
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