By Jann Swanson } Mortgage Daily News
Construction spending in the U.S. was essentially flat in May although there were gains from one year earlier. A small gain in spending by the public sector was partially offset by a loss in private spending. The U.S. Census Bureau estimated total construction spending during the month at a seasonally adjusted annual rate of $956.1 billion, up 0.1 percent from the April estimate of $955.1 billion and 6.6 percent higher than spending in May 2013 which was at a rate of $896.6 billion. Residential spending totaled $359.9 billion, a decrease of 1.4 percent from April’s $365.2 billion but 7.0 percent higher than the $336.3 billion spending rate in May 2013.
