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
Developing a solid relationship with Demolition Technologies Specialized Services enables Crushing Tigers…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- VIDEO: Caterpillar builds world’s tallest sand castle, then destroys it 847 Views
- Martin Marietta gives thousands to charity during the holidays188 Views
- Congress passes $1.1 trillion spending bill; cuts billions from federal construction accounts159 Views
- Get operations off to a good start with sound mine planning142 Views
- Attention Congress: Two-thirds of jobs created by transportation investment occur in non-construction sectors121 Views