U.S. Construction Spending Has 1st Decline in 19 Months - Modern Distribution Management

U.S. Construction Spending Has 1st Decline in 19 Months

Spending unexpectedly fell in May, dragged down by private construction.
Diverse Team of Specialists Inspect Commercial, Industrial Building Construction Site. Real Estate Project with Civil Engineer, Investor and Worker. In the Background Crane, Skyscraper Formwork Frames

U.S. construction spending unexpectedly fell in May, marking its first month-to-month decline since October 2022.

Spending in May was estimated at a seasonally-adjusted annual rate of $2.134 trillion, 0.1% below the revised April estimate. Economists polled by Reuters had forecast an increase of 0.2%.

Year-over-year, the May figure was up 6.4%.

Year-to-date, spending through the first five months of 2024 was 8.8% above the same period in 2023.

Private Construction

May spending on private construction was at a seasonally-adjusted annual rate of $1.652 trillion, 0.3% below the revised April estimate. Residential construction was at a rate of $918 billion in May, 0.2% below the revised April estimate, while nonres construction’s rate of $734 billion was down 0.3%.

Public Construction

May spending on public construction was at a seasonally-adjusted annual rate of $488 billion, 0.5% above the revised April estimate. Educational construction was at a rate of $102 billion, 0.6% above the revised April estimate, while highway construction’s rate of $148 billion was down 0.5%.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!