Construction spending rose 0.4 percent month-over-month from May to June and 4.5 percent year-over-year to a seasonally adjusted annual rate of $ 1,309.5 billion, according to the latest data released Monday by the U.S. Census Bureau.
Spending during the first five months of the year totaled $ 497.1 billion – 4.3 percent higher than the first five months of 2017.
In the private sector, spending was up 0.8 percent for residential construction and down 0.3 percent for nonresidential construction. Especially strong gains were seen in the singe-family construction sector, where spending was up 8.2 percent year-over-year and 0.6 percent month-over-month. Multi-family housing spending climbed 1.6 percent month-over-month and 4.2 percent year-over-year. That could be a good sign for an inventory challenged market.