Posted To: MND NewsWire

Construction spending fell off a bit in May, however residential construction remains the strongest sector , accounting for more than half the annualized private sector expenditures for the month. Total construction dollars spent during the month were at a seasonally adjusted annual rate of $1.545 trillion, down 0.3 percent from April but 7.5 percent higher than the prior May. On a non-adjusted basis, spending totaled $131.964 billion compared to $126.509 billion the previous month. For the year-to-date (YTD) spending has totaled $594.810 billion, up from $568.480 billion thus far in 2020, a 4.6 percent gain. Total construction spending from private funds in May was at a seasonally adjusted annual rate of $1.203 trillion, also a 0.3 percent downturn from a month earlier. Spending was up 13…(read more)

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Source: Mortgage News Daily