U.S. Construction Spending Fell Marginally in May
By Xavier Fontdegloria
Construction spending in the U.S. declined in May as a drop in
public spending dragged on stalling private construction
Total construction spending decreased 0.1% in May on-month after
increasing by 0.8% in April, data from the Commerce Department
showed Friday. The April estimate was upwardly revised from an
initial estimate of a 0.2% rise.
Economists polled by The Wall Street Journal expected a 0.3%
advance in construction spending for May.
Spending on private construction was unchanged in May, as did
spending on new single family and multi-family homes. Private
spending on nonresidential construction declined 0.4% on month,
while total public construction spending fell 0.8% on month.
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(END) Dow Jones Newswires
July 01, 2022 10:52 ET (14:52 GMT)
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