Total U.S. Construction Spending in May Down 0.1% From April

July 02, 2024

Construction spending in May 2024, the United States Census Bureau said Monday, was at a seasonally adjusted annual rate of almost $2.14 trillion, 0.1% lower than the revised April 2024 estimate. However, year-over-year total construction spending is 6.4% higher than what the Census Bureau reported in May 2023, and the period from January 2024 through May 2024 is 8.8% higher than the same period in 2023. The private residential sector ended May with a spending decrease of 0.2% to $918.2 billion when compared to April, the bureau said, and private nonresidential construction spending decreased 0.3% to $733.9 billion in the same period.

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