Construction Spending Near Four-Year High in May

Washington, DC, July 1, 2013 —  Construction spending rose 0.5% in May to nearly a four-year high, according to the Commerce Department.

Spending rose to a seasonally adjusted annual rate of $874.9 billion, 5.4% higher than a year ago. Economists had expected spending to rise 0.8%.

Nonresidential construction spending rose 0.1%, while residential construction spending increased 1.2%.

April’s construction spending growth was revised to 0.1% from a prior estimate of 0.4%.