MAY CONSTRUCTION SPENDING DOWN 0.4%
Construction spending fell 0.4% in May, less than expected and following an upwardly revised 0.1% drop in April (previously reported as -0.4%).
Residential construction was down 1.6%, while nonresidential edged up 0.3%, boosted by a 2.6% gain in lodging. Overall, construction spending was off 6% from May-07.
Private construction declined 0.7% after a flat reading the prior month, driven down by a 1.6% drop in the private residential category. Private nonresidential construction edged up 0.2% to an all-time high.
Public construction, meanwhile, also touched a record high, rising 0.4% in May after a 0.3% decline in April. The increase was driven by a 6.9% jump in public commercial building.
State and local construction was up 0.6%, and federal was down 1.7%.