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US construction spending edges up 0.1 per cent in May although home building declines
Original Publication Date: July 1, 2014 12:07AM
Publication Updated: January 8, 2025 10:46PM
WASHINGTON – U.S. construction spending barely increased in May as gains in spending on non-residential projects such as office buildings and public construction were largely offset by a big drop in home building.
The Commerce Department says construction spending edged up 0.1 per cent in May after a much stronger 0.8 per cent April increase. The back-to-back gains followed a period of weakness in which spending fell in both January and February and was flat in March.
The construction industry has struggled with an unusually severe winter which curtailed building activity in many regions.
Construction activity totalled $958.1 billion at a seasonally adjusted annual rate in May, up 6.6 per cent from a year ago.
Economists are forecasting that housing and overall construction will regain momentum in coming months, helping to boost overall economic growth.
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