Residential construction in the US has risen to its high levels in over four years, according to figures from May of this year released by the Commerce Department. The report details that the construction numbers have risen 0.5%.
The information may come as good news to those based in the construction industry, specifically for housing. This is the highest that the figure has been since late 2008 and some may suggest that confidence is returning to the residential construction market.
The jump means a rise in overall construction in the US, however non-residential construction remains low.
Reports show that non-residential construction work has dropped 1.4%; this includes buildings like warehouses, shops and offices.
The total cost of construction increased to a seasonally adjusted annual rate of $874.9 billion in May of this year.
The year 2012 saw a rise in a number of trends in construction, not just in the US but globally, with construction in the States down 2% compared to 2011. We are now more than halfway through 2013 and these new figures are likely to be welcomed by those working in various sectors of the construction industry.