U.S. Construction Spending Climbs More Than Expected In May
(RTTNews) - A report released by the Commerce Department on Monday showed U.S. construction spending climbed by more than expected in the month of May, although the advance came following a notably downwardly revised increase in April.
The Commerce Department said construction spending jumped by 0.9 percent to an annual rate of $1.926 trillion in May after rising by 0.4 percent to a revised rate of $1.909 trillion in April.
Economists had expected construction spending to rise by 0.5 percent compared to the 1.2 percent surge originally reported for the previous month.
The bigger than expected increase came as spending in private construction shot up by 1.1 percent to an annual rate of $1.513 trillion.
Spending on residential construction spiked by 2.2 percent to a rate of $857.4 billion, more than offsetting a 0.3 percent dip in spending on non-residential construction to a rate of $655.8 billion.
The Commerce Department said spending on public construction also inched up by 0.1 percent to an annual rate of $412.4 billion.
Spending on education construction was virtually unchanged at a rate of $87.7 billion, while spending on highway construction fell by 0.4 percent to a rate of $124.6 billion.
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