Building: Going Up

More than 10% of all the money spent in the U.S. goes for new construction, from houses to highways—a fact that makes Americans the buildingest people on earth. Last year an unexpected 6% jump in construction spending was one of the most important factors in the economic advance. Though they expect this pace to slow slightly in 1964, Commerce Department economists look for construction outlays to continue to buoy the economy, rising 5% to a new record of $65.6 billion. In addition to this fresh spending, Americans will pump another $21 billion into the economy just to keep their buildings,...

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