Construction Spending Rises Slowly

In the U.S. Department of Commerce’s press release detailing construction spending, it appears construction is slowly creeping upwards after a precipitous drop off following the recession.  The May 2012 estimate of annual construction spending pegged the seasonally adjusted rate at $830.0 billion, up 0.9% from April’s estimate.  At its peak in early 2006, the rate topped off at just over $1.2 trillion, and today’s level is similar to that of a decade ago.  Additionally, the total construction spending of $310.4 billion during the first 5 months of the year is 9.4% greater than the $283.8 billion spent for the same period in 2011.  With that said, there exists a discrepancy between private and public spending on construction.  Private construction spending is up 13.1% from 2011, while spending in the public sector has fallen 3.9%. 

3 in 4 Americans Feel College is Too Expensive

In a recent survey, the Pew Research Center presented the American public with this statement: "College costs in general are such that most people can afford to pay for a college education." Overwhelmingly, respondents disagreed with the statement.  75% did not agree, and only 22% felt that college costs are affordable.  Despite this response, the rapidly rising cost of college tuition has not swayed parents' feelings on the importance of a college education.  94% of parents want their children to go to college, even though 57% of Americans feel that colleges fail to offer students a valuable education that is on par with the high costs.  Only 5% of the public feel that college is of "excellent" value to students.  Much more respondents fell in the middle-ground, with 77% saying that college was of "only fair" to "good" value.  Additionally, though, it seems that college graduates are happy with their decision to enroll.  86% of graduates believe their investment in tuition was beneficial, and American Community Survey data supports this belief.  In 2009, the median income for college graduates was $46,931, whereas the median income for those with only a high school diploma was $27,381.