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
The new Sandvik Ranger surface drill rig offers renowned drilling efficiency with up to 20% lower fuel consumption
Known to many by their former name, Ranger, Sandvik’s DX series surface…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- MSHA Fatality Review Committee determines several fatalities are chargeable to the mining industry345 Views
- Lower oil prices send mixed signals to frac sand producers269 Views
- Kingsteps Quarry in Scotland will be examined for the remains of World War II planes214 Views
- Holcim and Lafarge nominate candidates for merged company’s board of directors199 Views
- PHOTOS: Caterpillar: Modern Earthmoving Marvels traces equipment evolution166 Views