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Economic Report: Construction spending falls in May, first drop in eight months

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Outlays for construction projects fell 0.8% in May at a seasonally adjusted annual rate of $1.780 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.

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 non-residential public construction was down 0.8% last month.

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opened lower on Friday on heightened inflation fears.

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