Construction Spending Rises 0.2%

Construction spending climbed 0.2% month-over-month, missing expectations for a 0.6% rise.

But there was a huge upward revision to March’s data, with construction spending up a revised 0.6%, compared with an initial reading of 0.2%.

Private residential spending was up 0.1% on the month, and up 17.2% on the year.

Meanwhile, public residential spending was down 6% on the month and 29.3% on the year.

Homebuilder confidence unexpectedly declined to 45 in May. New home sales however beat after a strong revision March’s data and housing starts surged.

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