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Construction Spending Slips Slightly For Month
Nonresidential Sector Still Up for Year

Construction Spending Slips Slightly For Month

Construction expenditures fell 0.8% during May as residential remained weak, while public spending continues to boost nonresidential.


Total construction spending declined 0.8% during May. While the residential sector was only off 0.6%, nonresidential registered a 0.9% dip, its first monthly decline of the year, but it is still up a solid 5.7% year-to-date.

Upward revisions to expenditures during April paint a slightly more upbeat picture of overall spending. On a year-to-date basis, overall spending is only down 0.3%, mostly due to the decreased output from residential.

Multifamily building was a bright spot once again with a 1.9% rise during the month, the third consecutive monthly gain. According to the Wells Fargo Economics Group, apartment and condo building continues to surpass expectations and is up 8.9% year-to-date, and single-family development remains hampered by rising land and skilled labor costs. Single-family fell 0.8% in May and is down 6.5% year-to-date. Home improvement spending also remains soft. May's1.2% fall marks the 4th backward slide in the past five months.



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July 23, 2019, 8:38 am PDT

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