US construction spending falls 0.1% in May

By Ovunc Kutlu

ISTANBUL (AA) - US construction spending fell 0.1% to $2,139.8 billion in May, the Commerce Department's figures showed Monday.

Construction spending, one of the major indicators of well-being in the construction sector, was expected to show a monthly increase of 0.3%, according to market estimates.

The figure for April, however, was revised up to $2,142.1 billion for a monthly gain of 0.3%, from $2,099 billion for a monthly decline of 0.1%.

Annually, the reading in May was 6.4% above the same month in 2023 when it stood at $2,011.8 billion.

"During the first five months of this year, construction spending amounted to $836.3 billion, 8.8 percent above the $768.6 billion for the same period in 2023," the Commerce Department said.