Construction Spending Surges in May

Washington, DC, July 2, 2012 -- Construction spending rose a stronger-than-expected 0.9% in May, the Commerce Department said.

This was the largest increase of the year and well above analysts' expectations of a 0.2% rise.

Also, April construction spending was revised up to show a 0.6% increase from the previous estimate of a 0.3% rise.

An increase in private construction in May was offset somewhat by weakness in the government sector.

State and local government spending fell 1% in May, for the fifth straight monthly decline.


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