By Xavier Fontdegloria


Construction spending in the U.S. declined in May as a drop in public spending dragged on stalling private construction outlays.

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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