WASHINGTON (AP) — U.S. construction spending fell for a second month in May, with weakness hitting all areas of building.
Construction spending declined 0.8 percent in May following a 2 percent tumble in April, the Commerce Department reported Friday. The April figure had been the biggest monthly setback in five years.
The back-to-back declines in overall construction caught analysts by surprise. They had been expecting a rebound following the big drop in April. Economists, however, still expect construction to contribute meaningful growth to the overall economy this year.