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Construction spending rises 0.5 percent in May to $875 billion

Posted By Amanda Bayhi On July 3, 2013 @ 4:08 pm In Aggbeat Online,News | No Comments

newhome [1]Construction spending rose 0.5 percent in May to a seasonally-adjusted rate of $875 billion, according to our sister site, Equipment World [2].

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.

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URL to article: http://www.aggman.com/construction-spending-rises-0-5-percent-in-may-to-875-billion/

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[1] Image: http://www.aggman.com/files/2013/07/newhome.jpg

[2] according to our sister site, Equipment World: http://www.equipmentworld.com/construction-spending-up-0-5-in-may-to-nearly-4-year-high-behind-rise-in-government-spending/

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