The value of construction contracts fell 9% in May.
Last month’s contracts for future construction fell to a seasonally adjusted annual rate of $226.3 billion, down from the $248.7-billion rate set in April, according to the F. W. Dodge division of McGraw-Hill. The building research firm attributed the decline to apprehension over the congressional tax reform plan. May contracts for non-residential building fell 10% from April to an annual rate of $72 billion, the report said. The value of contracts for public works and other non-building construction declined 14%, while residential building contracts were off 7% from April.