Construction Spending Drops in May
Construction spending fell 0.2% in May, the first decline in three months, the Commerce Department said Thursday.
The decrease to an $841.9 billion level followed a revised 2.3% rise in April that was smaller than originally reported.
Economists had forecast a 0.8% drop in construction spending in May, Bloomberg reported.
Private residential construction fell 0.5%, while spending on private non-residential construction projects dropped 0.6%. Public construction spending rose 0.4%.
Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.
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