According to July 2 report by U.S. Commerce Department, total construction spending, which includes nonresidential and residential spending, was up 0.5% for month and 5.4% from May 2012. ABC Chief Economist Anirban Basu noted that “The economy has now entered its fifth year of economic recovery and many economic forecasters expect an acceleration of growth later this year and in 2014." Basu also noted the hindering effects of ongoing sequestration.
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