Construction spending hit an annual rate of slightly less than $1.1 billion in May, 6 percent below May 2007, according to the U.S. Department of Commerce.
May’s construction spending rate was also 0.4 percent less than April’s, the department said, and construction for the first five months of the year was 5.1 percent below the same period a year ago, at $416.6 billion.
Construction spending statistics are compiled for the commerce department by the U.S. Census Bureau.
