Capital spending at U.S. companies from Apple Inc. to 3M Co. isat the highest level since 2008 as upgrades to plants, property andequipment show some executives embracing the likelihood that theeconomy averts recession.

Expenditures rose 24 percent to $43.3 billion in the thirdquarter for 140 non-financial companies in the Standard &Poor's 500 that had released such data as of Nov. 4. Starting withAlcoa Inc.'s earnings report on Oct. 11, spending last quarter wasthe most since the end of 2010. Year-to-date investments of $149billion are the highest since 2008, the analysis shows.

Corporate investment in equipment and software climbed at a 17.4percent annual pace in the third quarter, and earnings per sharefor S&P 500 companies have jumped 16 percent so far. Whileeconomic growth is slow, it's enough to spur investment, saidFrederic Dickson, who helps oversee $28 billion as chief marketstrategist for D.A. Davidson & Co. in Lake Oswego, Oregon.