Construction spending headed north?

These days we are seeing all kinds of signs that the economy has found a solid bottom and might be headed for improvement. Those of us in the commercial construction world got some very encouraging news this past Tuesday when the U.S. Dept. of Commerce, Washington, reported that U.S. construction spending rose 0.8% in April, the largest one-month increase since August 2008. According to CNN and others, the experts were expecting a drop of at least 0.8%. Even more encouraging is that the Dept. of Commerce report tells us that nonresidential construction rose 1.8% in April, putting the annual spending level at $408.2 billion. This news bodes well for the remainder of 2009 and certainly for 2010.—Gary L. Parr