Construction spending rises 0.5 percent in May to $875 billion

July 3, 2013

newhomeConstruction 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.

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