Steel Markets
July 13, 2021
CPIP Data: Construction Spending Slows Slightly in May
Written by David Schollaert
The U.S. construction sector lost momentum in May as the industry continues to deal with the effects of the COVID pandemic. Growth remains uneven across sectors as many continue to work through supply chain disruptions, rising materials prices and labor shortages.
Total construction spending during May, at a seasonally adjusted annual rate, was $1.545 trillion, 0.3% below April’s revised pace of $1.549 trillion, reported the U.S. Census Bureau. Total construction was 7.5% higher than the pandemic-depressed rate last May when spending was $1.438 trillion. Year-to-date construction spending amounted to $594.8 billion, 4.6% above the $568.5 billion for the same period in 2020. May’s report was considered disappointing, however, as the market is still recovering from last year’s downturn.
