U.S. construction spending falls; private outlays near two-and-a-half-year low

U.S. construction spending unexpectedly fell in May as investment in private con...

WASHINGTON - U.S. construction spending unexpectedly fell in May as investment in private construction projects dropped to its lowest level in nearly 2-1/2 years.

Economists polled by Reuters had forecast construction spending would rise 0.1% in May. Construction spending fell 2.3% 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. 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.

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