Construction Spending Level Climbs Modestly in May

Total construction spending increased 0.5 percent in May to $875 billion, up 5.4 percent from May 2012, as residential and public construction growth overbalanced a decline in private nonresidential building. Private residential rose 1.2 percent from April, up 23 percent from May 2012; private nonresidential lost 1.4 percent, down 0.9 percent from May 2012; public construction rose 1.8 percent from April, but lost 4.7 percent from May 2012. Multifamily construction boasted the most new spending, and is up 52 percent year-over-year; new single-family construction rose 33 percent since May 2012. In the private nonresidential market, only hotels remain consistently strong, but growth is expected later in the year. Power construction rose from April but dropped from May 2012, while manufacturing dropped both against the month and year. Highway and street construction and educational construction both increased from April but dropped from May 2012; federal construction spending is poised for a steep decline.

From "Construction Spending Level Climbs Modestly in May"
Associated General Contractors of America (07/01/13)

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