Spending on construction fell another 0.4% in May, putting the sector down 6% from the same time last year to a seasonally adjusted annual rate of $1,085.2 billion, the Commerce Department reported Tuesday morning.
During the first 5 months of this year, construction spending amounted to$416.6 billion, 5.1% below the same period in 2007.
Residential construction fell another 1.6% in May to a seasonally adjusted annual rate of $378.9 billion, 26.9% below the same month last year. Nonresidential construction was at a seasonally adjusted annual rate of$405.3 billion, 0.2% above the revised April estimate and up 11.6% from May, 2007.
In May, the estimated seasonally adjusted annual rate of public construction spending was $301.1 billion, up 0.4% month-to-month and up 5.2% year-over-year.