The U.S. Census Bureau is reporting that total construction spending in May was estimated at a seasonally adjusted annual rate of $1.2 trillion, which is 4.5% higher than May 2016. Private residential construction was at a seasonally adjusted annual rate of $509.6 billion in May, 0.6% below April’s number. Nonresidential private construction was at a seasonally adjusted annual rate of $433.6 billion in May, 0.7% below April’s estimate.
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