In September, construction spending reached its highest level in 7-½ years, according to U.S. News & World Report. On Monday, the Commerce Department reported that construction increased 0.6 percent to $1.09 trillion.
The construction of single-family homes rose 1.3 percent, and the construction of condominiums and apartments grew 4.9 percent.
In fact, the apartment and condominium construction industry has had one of the quickest recoveries within the residential construction industries since 2010, according to IBISWorld.