P.M. BRIEFING : Construction Spending Declines
Construction spending fell 0.4% in May after dropping 2.2% in April, the Commerce Department said today.
The two consecutive monthly declines follow a modest gain of 0.4% in March, according to a report compiled by the department’s Census Bureau. The March and April figures were revised from previous data.
Private construction spending dropped 1.8% in May after a 1.4% decline in April, while public construction regained lost ground, jumping 4.4% in May after taking a 4.9% dive in April, the government said.
On the housing front, which has been battered by months of apathetic sales, residential construction spending was off 2.2% in May after tumbling 1.4% in April.
Construction of single-family homes plummeted 3.9% in May, but construction of apartment buildings inched up about 1%, the department said.
Private non-residential construction, meanwhile, fell 1.7% in May on declines in the building of industrial, office and private school buildings, the government said.
Construction of hotels, motels and churches was unchanged while construction spending on private hospitals was up slightly.
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