Construction spending up 0.9% in May on surge in homebuilding

Spending In April was revised up from a flat reading to a small gain of 0.4%. The weakness in May was widespread with spending on single-family homes and apartments down 0.6% while nonresidential construction fell 0.9%. Spending on government projects also dropped 0.9%, led by a decline in construction spending by the federal government.

Elsewhere, final estimates of 1Q 2017 GDP growth (revised up two-tenths of a. Nevertheless, the total private residential construction spending is +11.2 per cent. The home building and remodelling component-residential xed. (i.e. GDP would have expanded only 0.9% had RFI remained unchanged).

The weakness in May was widespread with spending on single-family homes and apartments down 0.6% while nonresidential construction fell 0.9%. Spending on government projects also dropped 0.9%, led.

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A surge in homebuilding pushed construction spending up 0.9% in May, the largest amount in five months, further indication that the housing sector is slowly recovering.Construction.

Economists polled by Reuters had forecast construction spending rising only 0.5 percent in October. Construction outlays were up 13 percent compared to October. reflecting increases in home.

Construction spending inched up 0.1% in December to a seasonally adjusted annual rate of $1.116 trillion, the Commerce Department reported Monday. December’s results were 8.2% higher than December.

Boosted by lower mortgage rates, forward-looking metrics indicate that the housing market is heating up again. The surge in job openings, however, has historically been a good leading indicator of.

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The weakness in May was widespread with spending on single-family homes and apartments down 0.6% while nonresidential construction fell 0.9%. Spending on government projects also dropped 0.9%, led.

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US construction spending drops 0.9% as housing takes a hit.. May 1, the Commerce Department reports on U.S. Home building has wobbled but is expected to rebound as the Federal Reserve backs. Inflation threat grows as raw material costs are passed on to customers. the cost of finished goods rose by 0.9% in March, after producer input prices.