Tuesday, July 1, 2014

Construction Spending Up 0.1% in May

Construction spending grew modestly in May, rising 0.1%, according to the Census Bureau. May’s level was 6.6% above the year-earlier level. In addition, the figure for April was revised upward, more than offsetting a negative revision for March. Private non-residential construction and government construction contributed to the gains.

Overall private construction declined 0.3% in May, driven by a 1.9% reduction in spending on residential improvements. However, private non-residential construction increased 1.1% in May and 10.7% from the year-ago level.

Government spending improved 1.0% and was up 1.2% from May 2013, indicating that local governments have begun spending again.

Read the release.

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