Posted To: MND NewsWire

Despite any impact from the COVID-19 pandemic, construction spending is still largely managing to stay ahead of its 2019 levels . The U.S. Census Bureau said total spending in May was at a seasonally adjusted annual rate of $1.356 trillion, down 2.1 percent from April’s $1.386 trillion rate. The April rate was revised significantly higher from the $1.346 trillion originally reported. On an annual basis, spending was 0.3 percent above the level in May of 2019. On a non-adjusted basis, total spending was $116.215 billion compared to $112.912 billion in April. For the year-to-date (YTD) spending is up 5.7 percent over the same period last year at $543.181 billion compared to $513.705 billion. Unadjusted spending has increased each month this year after starting at $101.121 billion in January….(read more)

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Source: Mortgage News Daily