Expenditures in the construction sector remained virtually unchanged in May, reaching an annual rate of $ 1.23 trillion, the Commerce Department reported today.
This result came after construction spending fell by 0.7% in April, down from a 1.4% decline that had been calculated a month ago.
The May data disappointed analysts, who for the most part anticipated construction spending to be slightly up 0.3 percent.
In the month under review, the construction of non-residential private projects fell by 0.6% and stood at an annual rate of 533.58 billion dollars, while residential construction fell by 0.7%, with 44.282 billion dollars.
Public spending on construction reached an annual rate of 286,896, an increase of 6.4 percent compared to April and its highest level since January 2013.