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Tags: construction | spending | home | building | pandemic

Construction Spending Falls 2% as Home Building Slows

Construction Spending Falls 2% as Home Building Slows
(Veremeev/Dreamstime)

Wednesday, 01 July 2020 10:47 AM EDT

 U.S. construction spending unexpectedly fell in May, pulled down by a decline in outlays on private construction projects.

The Commerce Department said on Wednesday that construction spending dropped 2.1%. Data for April was revised down to show construction outlays decreasing 3.5% instead of declining 2.9% as previously reported.

Economists polled by Reuters had forecast construction spending rebounding 1.0% in May.

Spending on private construction projects dropped 3.3%, offsetting a 1.2% increase in outlays on public projects. Spending on both residential and nonresidential construction products such manufacturing and power plants fell.

© 2024 Thomson/Reuters. All rights reserved.


Economy
U.S. construction spending unexpectedly fell in May, pulled down by a decline in outlays on private construction projects.
construction, spending, home, building, pandemic
90
2020-47-01
Wednesday, 01 July 2020 10:47 AM
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