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Outlays for construction projects fell 0.8% in May at a seasonally adjusted annual rate of $1.78 trillion, the Commerce Department reported Friday. Economists polled by the Wall Street Journal had expected a 0.3% increase.
This is the first drop since September 2021.
Also see: U.S. manufacturing grows at slowest pace in 2 years, ISM finds, as demand softens
Spending in April rose a revised 0.8% gain to $1.782 trillion, up sharply from the prior estimate of a 0.2% rise to $1.744 trillion.
Over the past year, construction spending is up 9.7%.
Total private construction was flat in May. Private residential construction rose 0.2%, while private nonresidential spending fell 0.4%.
Total public construction fell 0.8%. Residential public construction fell 0.7% while nonresidential public construction was down 0.8% last month.
Stocks
DJIA,
SPX,
were mixed early Friday on amid heightened inflation fears.
