Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending declined less than expected in May, slipping 0.2 percent after gaining 2.3 percent in April. On a year-ago basis, construction outlays improved to −8.0 percent from −9.5 percent in April, and the series is in its best shape since July 2008. May’s mild decline was driven by a 0.5 percent tumble in private spending, with a 0.4 percent decline on the residential side and a 0.6 percent drop on the nonresidential side. Public construction spending grew 0.4 percent during the month, the smallest of three straight increases, and year-over-year growth bumped up from −4.2 percent to −2.9. Year-over-year growth in total private spending currently sits at −10.7 percent, which believe-it-or-not marks substantial progress, considering its position below 20 percent up until the turn of 2010. However, that progress has come almost exclusively from residential construction, which has seen positive 12-month growth now for three months, while 12-month growth in nonresidential outlays appears to have merely stabilized near record lows.