By Ovunc Kutlu
ISTANBUL (AA) – US construction spending rose 0.9% to $1,925.6 billion in May, beating market estimates, according to the Commerce Department figures released Monday.
Construction spending, one of the major indicators of well-being in the construction sector, came much higher than the market expectation of a 0.5% gain.
The figure for April was revised to $1,909 billion, up 0.4% from the previous month, showed the data.
Annually, the reading in May was 2.4% above the figure from the same month last year, when it stood at $1,880.9 billion, the Commerce Department said.
Spending on private construction in May stood at $1,513.2 billion – 1.1% above the revised April figure of $1,497.2 billion.