Steel Markets
July 8, 2022
CPIP Data: US Construction Spending Edges Down Unexpectedly
Written by David Schollaert
US construction spending in May totaled $1.780 trillion at a seasonally adjusted annual rate, 0.1% below April’s upwardly revised $1.783 trillion. This is the first drop since September 2021. The surprising decline month-on-month (MoM) came as a drop in public spending dragged on stalling single-family homebuilding, the Commerce Department reported.
The construction spending decline in May followed a 0.8% increase MoM after the April data was revised up from an initial estimate of 0.2%. The miss was a complete turn from an expected 0.3% advance in construction spending in May.
