Construction Spending Edged Up in May

The US Census Bureau and Department of Commerce reported this week that construction spending in May was at “a seasonally adjusted annual rate of $874.9 billion, up 0.5% from April’s revised estimate of $870.3 billion.” Residential construction spending in private construction rose 1.2% in May compared to April and was 22.7% greater than May 2012. In public construction, residential construction spending was also 1.2% greater in May than April and was 23.1% greater than a year ago. While new multi-family construction in public construction remained strong in May, up 2.5% from April and 51.7% above May 2012, single family construction rose 0.4% from last month and was 33.2% greater than a year ago.

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