Construction workers are seen at a new building site in Silver Spring, Maryland, U.S. June 2, 2016. (Photo: Reuters)
Construction spending in May was flat as weakness in residential offered little clarification to what has been mixed housing market data for the spring of 2017. Spending came in at a flat 0.0, up from revised -0.7% for April and missing the 0.5% median forecast.
Residential spending was down 0.6% overall and declines were across the board in single-family homes, residential improvements and multi-family units.
A 0.7% declines in private non-residential spending–including transportation, manufacturing, and commercial–was offset offset by public non-residential, fueled by a strong 5.1% increase in education after two months of declines. Roads fell 0.9% for a second straight month.
