Construction spending improved notably in May, increasing 0.9% over April’s level. Construction spending now stands 7% higher than year-ago levels.
Private residential construction continued to be the biggest driver in May, rising 3.0%. Private non-residential construction also added to the growth, increasing 0.4% over the month.
The public sector continues its trend of dragging on growth, falling 0.4% over the month. Public construction has now fallen for six consecutive months.
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