CONSTRUCTION SPENDING CLIMBS JUST 0.1%

Construction spending climbed by just 0.1% in May, which was below the 0.5% growth rate expected by economists.

However, April’s growth rate was revised up to 0.8% from 0.2%.

May’s growth was driven by a 1.0% increase in public construction.

From the Census:

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $US682.8 billion, 0.3 per cent (±1.2%)* below the revised April estimate of $US684.6 billion. Residential construction was at a seasonally adjusted annual rate of $US354.8 billion in May, 1.5 per cent (±1.3%) below the revised April estimate of $US360.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $US328.0 billion in May, 1.1 per cent (±1.2%)* above the revised April estimate of $US324.5 billion.

PUBLIC CONSTRUCTION

In May, the estimated seasonally adjusted annual rate of public construction spending was $US273.3 billion, 1.0 per cent (±3.0%)* above the revised April estimate of $US270.5 billion. Educational construction was at a seasonally adjusted annual rate of $US62.0 billion, 0.6 per cent (±5.1%)* below the revised April estimate of $US62.4 billion. Highway construction was at a seasonally adjusted annual rate of $US82.7 billion, 0.7 per cent (±8.1%)* above the revised April estimate of $US82.2 billion.

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