Single-Family Construction Spending Gets Hit Hard, Down From Last Year

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Posted To: MND NewsWire

Construction spending in May, dipping 0.8 percent compared to April’s seasonally adjusted annual rate of $1.304 trillion to $1.294 trillion. On an annual basis, overall spending is down 2.3 percent on an annual basis and residential spending is off 11.2 percent. On an unadjusted basis, there was a total of $113.03 billion spent during the month and $498.89 has been spent for the year-to date (YTD). This is 0.3 percent less than was spent to the same point last year. Privately funded spending posted an 0.7 percent decline from April and is off the May 2018 pace by 6.3 percent. Total spending in May was at a seasonally adjusted rate of $953.24 billion and $83.55 billion on an unadjusted basis. YTD spending for all private construction was $380.03 billion compared to $393.94 billion for the first…(read more)

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