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NEWS SUMMARY: US construction spending increases

By The Associated Press
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CONSTRUCTION UP: A surge in homebuilding U.S. construction spending up in May, the latest indication that the housing sector is slowly recovering.

THE NUMBERS: Spending rose 0.9 percent in May to a seasonally adjusted annual rate of $830 billion. While that’s 11.3 percent above a 12-year low hit in February 2011, it’s still roughly half the level of spending considered healthy.

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