Updated: 01-Jul-25 10:46 ET
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Updated: 01-Jul-25 10:46 ET |
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Highlights
- Total construction spending decreased 0.3% month-over-month in May (Briefing.com consensus -0.2%) after an upwardly revised 0.2% decline (from -0.4%) in April.
- Total private construction was down 0.5% month-over-month, while total public construction was up 0.1% month-over-month.
- On a year-over-year basis, total construction spending was down 3.5%.
Key Factors
- Total residential spending decreased 0.5% month-over-month, while nonresidential spending fell 0.2% month-over-month.
- In private construction, residential spending dropped 0.5%, with new single-family construction down 1.8% and multifamily construction unchanged. Nonresidential spending declined 0.4%, led by a 0.8% decline in commercial spending and a 0.6% decline in power spending.
- In public construction, nonresidential spending was flat month-over-month, with highway and street spending down 0.3%.
Big Picture
- The key takeaway from the report is the same as the prior month: a downturn in new single-family construction, which is being pressured by higher costs, was the driver behind the weakness in residential spending.
Category |
MAY |
APR |
MAR |
FEB |
JAN |
Nominal (Current) Dollars |
|
|
|
|
|
Total Construction |
-0.3% |
-0.2% |
-0.7% |
-0.2% |
-0.3% |
Private |
-0.5% |
-0.5% |
-1.1% |
-0.2% |
-0.6% |
Residential |
-0.5% |
-0.5% |
-1.2% |
-0.4% |
-1.8% |
Nonresidential |
-0.4% |
-0.6% |
-0.9% |
0.0% |
1.0% |
Public |
0.1% |
0.6% |
0.6% |
-0.2% |
0.4% |