Construction Spending Remains Strong Despite Headwinds

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Posted To: MND NewsWire

Construction spending was less robust than April’s 1.8 percent gain, but the May numbers came in about where the experts expected them. The Census Bureau said the total value of construction put in place during the month was a seasonally adjusted annual $1.310 billion compared to $1.305 trillion (revised down from $1.31 trillion) the previous month. The May figure was 4.5 percent higher than the annualized construction total in May 2017. On a non-adjusted basis there was a total of 112.72 billion spent during the month. Spending is running 4.3 percent higher than last year on a year-to-date (YTD) basis; $497.1 billion compared to $476.67 billion during the first five months of 2017. Analysts polled by Econoday had forecast that total construction spending would rise 0.6 percent. Predictions…(read more)

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