Unexpected Decline in Construction Spending in May

Unexpected Decline in Construction Spending in May

There was an unexpected decline in construction spending this past May after investment in private construction projects dropped to its lowest level in nearly two and a half years.

U.S. construction spending fell unexpectedly fell in May as an investment in private construction projects dropped to its lowest level in nearly two and a half years. Economists polled by Reuters had forecasted construction spending to rise in May by .1 percent.

The .8 percent drop is the biggest since last November, according to the Commerce Department. Data shows that construction spending fell 2.3 percent on a year-on-year basis in May.

Construction spending surged in the first quarter, boosted by increased investment in roads and highways by state and local governments, however spending on private projects has seen a .7 percent decline, the lowest since January 2017. 

Investment in private residential projects also saw a decline of .6 percent in May, the lowest level since December 2016. Homebuilding has remained weak even as mortgage rates have dropped sharply from last year's high levels. Spending on residential construction has contracted for five straight quarters.

Download Center

HTML - No Current Item Deck
  • Safety Management Software - Free Demo

    IndustrySafe Safety Software’s comprehensive suite of modules help organizations to record and manage incidents, inspections, hazards, behavior based safety observations, and much more. Improve safety with an easy to use tool for tracking, notifying and reporting on key safety data.

  • Create Flexible Safety Dashboards

    IndustrySafe’s Dashboard Module allows organizations allows you to easily create and view safety KPIs to help you make informed business decisions. Our best of breed default indicators can also save you valuable time and effort in monitoring safety metrics.

  • Get the Ultimate Guide to OSHA Recordkeeping

    OSHA’s Form 300A posting deadline is February 1! Are you prepared? To help answer your key recordkeeping questions, IndustrySafe put together this guide with critical compliance information.

  • The 4 Stages of an Incident Investigation

    So, your workplace has just experienced an incident resulting in the injury or illness of a worker. Now what? OSHA recommends that you conduct investigations of workplace incidents using a four-step system.

  • Why Is Near Miss Reporting Important?

    A near miss is an accident that's waiting to happen. Learn how to investigate these close calls and prevent more serious incidents from occurring in the future.

  • Industry Safe
comments powered by Disqus

Free Whitepaper

Stand Your Ground: A Guide to Slip Resistance in Industrial Safety Footwear

This white paper helps to clarify this complexity, so you can better navigate the standards and better ensure the safety of your employees.

Download Now →

OH&S Digital Edition

  • OHS Magazine Digital Edition - November December 2019

    November/December 2019

    Featuring:

    • GAS DETECTION
      Redefining Compliance for the Gas Detection Buyer
    • FALL PROTECTION
      Don't Trip Over the Basics
    • VISION PROTECTION
      What to Look for in Head-to-Toe PPE Solutions
    • PROTECTIVE APPAREL
      Effective PPE for Flammable Dust
    View This Issue