Keeping you up to date on the latest data releases.
- Construction Spending
Private construction spending rose to $560.4 billion, representing a 1.6 percent increase from April to May and a 13.1 percent over the past 12 months. Upward revisions to April and March showed nonresidential construction increases for both months. Within residential construction there was an overall improvement of 3 percent in May. Spending increases on new single-family homes rose 1.8 percent, new multifamily homes rose 6.3 percent, and residential improvements rose 3.6 percent. Nonresidential construction came in at $299.1 billion, up 18.6 percent from this time last year. The largest section of power and utility fell slightly over May, but is still up 35.2 percent from May 2011. There was improved spending on manufacturing structures, commercial structures, and healthcare structures. Manufacturing showed the largest increase of 2.8 percent for the month to aid the increase in private construction.