Construction spending, in the United States, hit a new post-recession peak in May, advancing 0.8% to a seasonally adjusted annual rate of $1.04 trillion in May, the highest level since October 2008, according to the U.S. Department of Commerce.
The measure has been rising steadily since December and in March broke $1 trillion for the first time since 2008.
However, industry observers are cautiously optimistic about the construction industry’s future growth (Economists surveyed by The Wall Street Journal expect a fallback of 4.7% to a 1.082 million pace in May. Additionally, traditional lenders have remained hesitant to loan money out, so construction companies have had to turn to alternative finance companies in order to obtain the capital they need.
At Bizfi, utilizing the power of our revolutionary online loan marketplace, construction business owners can get actual loan offers from multiple financing partners in a matter of minutes. Once approved, funding can occur in just a few days, and funds can be used for virtually any business need; purchasing new equipment, hiring new employees, managing cash flow and so much more.
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