Spending on U.S. construction projects edged up 0.4 percent in May, while April’s figure was revised down significantly — signs that new building is still uneven despite a growing economy.
The uptick in May brought total construction spending to a seasonally adjusted all-time high of $1.31 trillion , 4.5 percent higher than a year ago, the Commerce Departments said Monday. April’s figure was revised down to 0.9 percent from what was originally reported as 1.8 percent gain, which would have been the largest increase in 24 years. That came on the heels of 0.9 percent drop in March, the first monthly drop since July of 2017. Read more>