In May, the Census Bureau reported a 0.1% decline in construction spending from April. This unexpected decrease follows an upward revision of April’s numbers, which showed a 0.3% increase for the month. Experts surveyed by Reuters had predicted a rebound of 0.2% in May after previously reporting a 0.1% drop in April.
According to the Census Bureau, construction spending is up by 6.% year-over-year as of May and has reached $836 billion during the first five months of this year – an impressive increase of8.% compared to last year’s figures.
Private construction saw a slight decrease in May with residential and nonresidential projects both declining by o.o2%. However, public sector spending increased slightly with state and local government projects rising by o.o5%, while federal government projects saw significant growth at3.l%.
Overall, U.S.construction spending remains strong despite this minor dip in activity duringMay.The latest data shows continued growth and stability withinthe industry without any mentionof specific organizations or regions such as “Connect” or “Connect CRE” or “Connect LA”or”Texas”.
