US development spending for May -0.1% versus 0.2% anticipated

• Prior month +0.3% versus -0.1% previously reported
• Construction spending -0.1% versus 0.2% expected

Total Construction:

• May 2024 construction spending was $2,139.8 billion, -0.1% below April’s revised $2,142.1 billion.
• 6.4% higher than May 2023’s $2,011.8 billion.
• First five months of 2024: $836.3 billion, +8.8% above the same period in 2023 ($768.6 billion).

Private Construction:

• Spending was $1,652.1 billion, -0.3% below April’s revised $1,656.7 billion.
• Residential construction: $918.2 billion, -0.2% below April’s $920.3 billion.
• Nonresidential construction: $733.9 billion, -0.3% below April’s $736.5 billion.

Public Construction:

• Spending was $487.6 billion, +0.5% above April’s revised $485.4 billion.
• Educational construction: $102.1 billion, +0.6% above April’s $101.5 billion.
• Highway construction: $147.6 billion, -0.5% below April’s $148.3 billion.

On a month-to-month basis, this month was a disappointment but last month was revised higher offsetting the disappointing month-to-month number in May. For the first five months of the year, the 8.8% gain is positive.

This article was written by Greg Michalowski at www.forexlive.com.