Construction spending increased 0.4% in May, the Commerce Department said Monday, and is 4.5% above the May 2017 level.

construction spending

In April, construction spending rose a revised 0.9%, first reported as a 1.8% increase.

Spending on private construction grew 0.3% in the month, while public construction gained 0.7%.

Residential construction rose 0.8%.

Economists polled by IFR Markets predicted a 0.5% rise in construction spending.

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