Construction Spending Drops in May

onstruction spending fell 0.9% in May, and new data revisions revised recent reported increases downward, the Commerce Department said Friday.

The $1.103 trillion annual rate in May coincided with revisions in Commerce’s methodology, which changed four of the first five months of the year from gains to declines, Bloomberg reported.

onstruction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.

rivate residential construction, which accounts for more than half of construction spending, fell 1.7%. Non-residential construction fell 1.6% to $241.9 billion.

Construction spending by the government rose 1.7% in May, while public spending on road projects rose 0.1% to $64.9 billion, Commerce reported.