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.
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- Miner suspended upside down pulled to safety by his pant legs717 Views
- Kelly Bailey named 2015 AggMan of the Year464 Views
- MSHA and NSSGA release new infographic about material handling injuries327 Views
- Caterpillar to close Kentucky plant, cut 50 jobs216 Views
- Democratic senators call for shorter highway bill in order to maximize funding169 Views