The construction industry posted a slight gain in May as companies and the government increased spending on projects across the U.S.
Spending on construction projects rose 0.9% in May to $1.93 trillion, the Commerce Department reported Monday.Construction spending reveals how much the government and private companies spend on projects, from housing to highways. The more the U.S. spends on construction, the higher the level of economic activity.
Single-family construction rose on a month-over-month basis in May by 1.7%, but fell sharply by 25% from last year.Spending on public residential construction rose by 0.1% from last month, and 12.3% from last year. The U.S. increased spending on public residential construction by 1.1% from last month, and 8.3% over the last year.