Construction spending fell during the month of May, according to a recent report by Wells Fargo. Construction expenditures dropped by 0.8%, and residential spending is still much weaker compared to public spending.
Residential spending fell 0.6%, and nonresidential spending fell by almost 1%—the first time nonresidential has dipped in about a year. April saw an upward trend in spending, opposite of May, which helped to balance out the overall year-to-date spending. In total, nonresidential spending is up by nearly 6%, but overall spending is still down by 0.3%.
Multifamily home spending kept the index afloat during May, rising 1.9% this past month. Condominium and apartment spending is 8.9% year-to-date, while single-family spending fell by 0.8% in May.
—Christie Citranglo, editorial associate