Construction spending in the US rose in May 0.4% after gaining 0.9% in April. Despite falling short of expectations for the month, outlays remain on solid footing and are up 4.3% year-to-date, explained analysts at Wells Fargo.
Key Quotes:
“Construction outlays grew 0.4 percent in May, while April’s gain was revised down to 0.9 percent. Public expenditures grew 0.7 percent, while private spending increased 0.3 percent.”
“Despite falling short of expectations, spending appears on solid footing and is up 4.3 percent year-to-date through May. Residential outlays are up 6.4 percent compared to the same period in 2017, while nonresidential outlays are up 2.7 percent.
“Residential spending increased 0.8 percent and accounted for much of the gain in May.”
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