Steel Markets
July 7, 2020
AGC: Construction Spending Declines as Economic Uncertainty Persists
Written by Sandy Williams
Construction spending in May declined for a third month as projects were delayed due to economic uncertainty. Construction spending fell 2.1 percent to a seasonally adjusted annual rate of $1.36 trillion, the lowest total since June 2019, said the Associated General Contractors of America in an analysis of new government data.
Private construction spending dipped another 3.3 percent in May after dropping 3.8 percent in April. Public spending rose 1.2 percent, but only partially offset a drop of 2.7 percent the previous month.
