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
- PHOTOS: Caterpillar unveils new 3-tower HQ campus spanning 6 city blocks in Peoria (VIDEO)347 Views
- Quarry worker safety is a big deal in the U.S., but not everywhere in the world300 Views
- Opportunities for worker recruitment and retention198 Views
- Historical aggregate landmark disappears into Lake Superior172 Views
- Caterpillar “Built For It” Trials video: Cat generator powers Lantern Festival in China’s Yuhu Village147 Views