US construction spending for May 2020
- US construction spending for May 2020 fell by -2.1% vs. 1.0% estimate.
- Prior month was revised lower to -3.5% from -2.9%
- residential construction fell -3.9% vs. -5.0% last month
- nonresidential fell -0.9% vs. -2.5% last month
- private construction spending fell -3.3% vs. -3.8% last month with residential falling by -4.0% from -5.1% and nonresidential falling by -2.4% vs. -2.3%
- public construction spending rose by 1.2% vs. -2.7% last month. Residential public spending increased 3.6% vs. -2.7%. Nonresidential public spending increase 1.2% vs. -2.7% last month
Although lower than expected the number is for May when uncertainty was still fairly high. Nevertheless the revision to the prior month nearly reached the 2011 a low of -3.7% (see chart below)..
