Construction spending declines in may

Summary

Total construction spending dropped 0.1% during May. Overall spending is now up 9.7% on a year-over-year basis through May. Residential spending, which posted a 0.2% gain in May, is up 18.7% over the past year. By contrast, nonresidential outlays which fell 0.6% over the month are up just 1.0% over the past year as of May.

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