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U.S. Construction Spending Declines Slightly in May
Construction spending in May declined by 0.1% from April, the Census Bureau said Monday. The unexpected decline occurred after April’s tally was upwardly revised to show a 0.3% monthly increase. Economists polled by Reuters had forecast that construction spending would rebound 0.2% in May after a previously reported 0.1% fall in April.
The May figure is up 6.4% year-over-year, according to the Census Breau. During the first five months of 2024, construction spending amounted to $836.3 billion, up 8.8 percent% from the same period in 2023.
Spending on private construction in May was at a seasonally adjusted annual rate of $1.652 trillion, 0.3% below the revised April estimate. Residential construction overall declined 0.2% from the previous month, with multifamily spending unchanged. Nonresidential private construction was down 0.3% month-over-month.
In the public sector, spending was 0.5% above April’s revised estimate. State and local government spending rose 0.2%, while spending on federal government projects shot up 3.1% from the previous month.
- ◦Development
- ◦Economy
