Construction Spending Rises Little in May
Construction spending rose 0.1% in May, the Commerce Department reported July 1.
Economists surveyed by Bloomberg News had estimated construction would increase 0.5% in May.
During the first five months, construction spending increased 8.2% to $358.1 billion from the same period last year.
Spending on private-residential, home-improvement construction declined 1.9% in May to an annual pace of $126.8 billion.
Private residential construction spending declined 1.5%, and public construction spending rose 1%.
Government construction was 28.6% of the total in May, with federal construction dropping 8.9% and state and local government construction increasing 2%.
Construction spending can boost demand for trucking services because it increases the number of shipments of goods and building materials.
