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Census: Private construction spending drops in May

Friday, July 2, 2010

Construction spending fell in May.
Construction spending fell in May.

Construction equipment wasn't as much on the move in May, according to a recent report from the government.

The U.S. Census Bureau announced that construction spending declined at a seasonally adjusted annual rate of 0.2 percent in May when compared to the month before. In all, $841.9 billion was spent on projects, which is 8 percent lower than in May 2009.

Private-construction spending dropped 0.5 percent to $536.3 billion. That compares to the $538.9 billion seen in April. Both residential and nonresidential fell, with the former seeing a decline of 0.4 percent.

Part of this may be due to the expiration of a tax credit for homebuyers, which ended on April 30. Through the credit, first-time purchasers were eligible for up to $8,000, while repeat buyers could have seen as much as $6,500.

While private-construction spending was down, May did see public building increase in value. The total spent on these projects came in at an annually adjusted rate of $305.5 billion, which was a 0.4 percent increase on figures reported for the fourth month of the year.ADNFCR-2034-ID-19872627-ADNFCR

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