By Dees Stribling | Multi-Housing News
The Census Bureau said on Monday that U.S. construction spending during May was at an annualized rate of $874.9 billion, 0.5 percent above the revised April rate. The May figure is 5.4 percent above the May 2012 total of $830.4 billion.
Spending on private construction was at an annualized rate of $605.4 billion in May, nearly the same as the revised April rate of $605.7 billion, but up 10.6 percent compared with May 2012. Private residential construction spending was up month-over-month by 1.2 percent, while nonresidential construction dropped 1.4 percent for the month. Public spending was up in May by 1.8 percent compared with April, but down 4.7 percent since last year.
New single-family home construction spending, according to the Census Bureau, edged up 0.4 percent for the month, but was up 33.2 percent year-over-year. The spike in multi-family construction was even greater: 2.5 percent for the month and 51.7 percent for the year.
