–Annual Revisions Included In May Data
By Kevin Kastner
WASHINGTON (MNI) – Spending on construction fell 0.2% in May after
solid March and April gains, with a drop in private construction more
than offsetting a third straight gain in public building, data released
by the Commerce Department Thursday morning showed.
Analysts in a Market News International survey had expected
construction spending to fall 0.7% for May, though forecasts ranged from
a 2.0% decline to a flat reading. Annual revisions were included in the
data.
Private residential construction fell 0.4% in May, payback for the
5.0% surge in April. Single-family construction rose 0.8%, offset by a
6.3% drop in multi-family building. As a result, total new home
construction was up 0.1% in May, while home remodeling activity was down
0.8% based on a Market News International calculation.
Private nonresidential construction fell 0.6% in May, while public
construction was up 0.4%, led by a gain in state and local construction
spending.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
