Keeping you up to date on the latest data releases.
- Construction Spending
Private construction spending slid down 0.4 percent in May and is now down 5.8 percent over the past year, a marked improvement from May 200, when spending was down 24.3 percent on a year-over-year basis. Contributing to the top-side monthly decline was a 2.1 percent drop in residential spending that was only partially offset by a 1.2 percent increase in non-residential spending. The drop in residential was caused by a 3.8 percent decline in spending on home improvements and a 2.1 percent decline in spending on multi-family properties while single-family spending was essentially flat. Over the year, however, multi-family spending (down 6.8 percent) is slightly outperforming single family spending (down 11.9 percent). On the non-residential side, there are no real standout sectors. While lodging, office, amusement and recreation, transportation, power, and manufacturing all posted small to moderate increases over the month, none of them are showing monthly gains on a consistent basis.