US construction spending rises 0.9% in May, beating estimates

Figure up 2.4% on annual basis, Commerce Department data shows

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.

Kaynak:

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