Total construction spending decreased 0.8% in May to a seasonally adjusted rate of $1.29 trillion, down from April’s revised estimate of $1.3 trillion, the Commerce Department reported on Monday.
Spending sank by 2.3% when compared to May 2018 and, year to date, fell 0.3% from the same January-May period last year. Month over month, May nonresidential spending for both private ($453.3 billion) and public construction ($334.2 billion) fell 0.9%.
This is the largest month-over-month drop in spending since November 2018, according to CNBC.
