Construction Spending Shows Steady Gains in Nonresidential Sector
Total construction spending edged higher for the third straight month in May, as solid increases in private nonresidential and public construction outweighed a downturn in residential projects, according to an analysis of new Census Bureau data.
“The May figures show that construction activity continues to expand, but with lots of variability by month and project type,” said Ken Simonson, the association’s chief economist. “These uneven patterns seem likely to continue for the rest of the year.”