ECONODAY: May was an unexpectedly weak month for the US construction sector and will be pulling back early second-quarter GDP estimates. Construction spending fell 0.8 percent in May and below Econoday's consensus range. Residential spending continues to be the weakest element of the report but May's data include declines for non-residential spending as well, both public and private. Residential spending fell 0.6 percent in May and now shows declines each month this year. Compared to May last year, residential spending is down a very steep 11.2 percent. The greatest area of weakness also offers a reading on consumer discretionary spending as home improvements, in their own long string of declines, are down a year-on-year 22.0 percent. Single-family homes, the dominant category on the residential side, fell in May and are down 7.6 percent on the year. The one residential plus is new multi-family homes which, reflecting demand tied to high costs for single-family homes, are up 9.3 percent...
Construction Spending Growth - May 2019
ECONODAY: May was an unexpectedly weak month for the US construction sector and will be pulling back early second-quarter GDP estimates. Construction spending fell 0.8 percent in May and below Econoday's consensus range. Residential spending continues to be the weakest element of the report but May's data include declines for non-residential spending as well, both public and private. Residential spending fell 0.6 percent in May and now shows declines each month this year. Compared to May last year, residential spending is down a very steep 11.2 percent. The greatest area of weakness also offers a reading on consumer discretionary spending as home improvements, in their own long string of declines, are down a year-on-year 22.0 percent. Single-family homes, the dominant category on the residential side, fell in May and are down 7.6 percent on the year. The one residential plus is new multi-family homes which, reflecting demand tied to high costs for single-family homes, are up 9.3 percent...