Construction spending flatlines in May as homebuilding declines

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U.S. construction spending was flat in May with homebuilding falling again. Private residential construction fell 0.6 percent in May, the first decline in that category since April 2016 and its.

There was an unexpected decline. 6 percent in May, the lowest level since December 2016. Homebuilding has remained weak even as mortgage rates have dropped sharply from last year’s high levels..

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Construction spending flatlines in May as homebuilding declines U.S. construction spending unexpectedly fell in March as a sharp decline in homebuilding led to the biggest drop in investment in private construction projects in more than seven years.

Spending on U.S. construction projects was unchanged in April as another decline in home construction was offset by a big gain in government spending on projects like highways and hospitals.

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Government construction spending rose at the state and federal levels after declines last month. State and local government construction rose 1.7 percent after last month’s decline of 2.7 percent.

 · The weakness in May was widespread with spending on single-family homes and apartments down 0.6% while nonresidential construction fell 0.9%. Spending on government projects also dropped 0.9%, led.

 · WASHINGTON, May 1 (Reuters) – U.S. construction spending unexpectedly fell in March after three straight monthly gains, pulled down by declines in both private and public construction projects.

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WASHINGTON (AP) – Spending on U.S. construction projects fell in May, the first drop in six months, as home building fell for a fifth straight month. The Commerce Department reported Monday that.

The Commerce Department reported Monday that spending fell 0.8% in May, the first decline since a 1.3% drop in November, to a seasonally adjusted annual rate of $1.29 trillion.