Construction Spending Down 0.9% in May

U.S. construction spending in May unexpectedly fell 0.9% after data revisions reversed months of recent growth, the Commerce Department said. Spending this year remains almost 10% higher than in 2004, and home building continues to expand, economists said.

The May decline brought the value of new construction to $1.103 trillion at an annual rate. The revisions switched the last three months from gains to declines.