Construction spending rises 0.5 percent in May to $875 billion
Construction spending rose 0.5 percent in May to a seasonally-adjusted rate of $875 billion, according to our sister site, Equipment World.
May marked a second consecutive month of gains, and spending that month was 5.4 percent higher than the $830.3 billion spent a year ago.
The boost can be attributed to the 1.8 percent increase in government spending to $269.4 billion.
It is also partly due to the housing market’s recovery. Private residential construction spending increased 1.2 percent in May to a seasonally adjusted annual rate of $322.3 billion.
Total residential construction 1.2 percent in May to $328.6 billion–a is 22.7-percent year-over-year increase.
From our partners
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- Caterpillar closes headquarters of global mining division, moves jobs to different facility1046 Views
- Metal and nonmetal mines get a total of 61 citations during August MSHA inspections489 Views
- Hanson Building Products acquires Minnesota concrete company378 Views
- Aggregate Industries worker discovers dead body in quarry319 Views
- EPA's WOTUS rule has been put on hold across America255 Views