Construction spending up 0.1%

Construction spending barely increased in May as gains in spending on nonresidential projects such as office buildings and public construction were largely offset by a big drop in home building.

Construction spending edged up 0.1 percent in May after a much stronger 0.8 percent April increase, the Commerce Department reported on Tuesday. The back-to-back gain followed a period of weakness in which spending fell in January and February and was flat in March.

The industry has struggled with an unusually severe winter which curtailed building activity in many regions.

Construction activity totaled $958.1 billion at a seasonally adjusted annual rate in May, up 6.6 percent from a year ago.

Economists are forecasting that housing and overall construction will regain momentum in coming months, helping to boost overall economic growth.

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Construction spending up 0.1%