Total construction spending had an uptick of 0.9% from April to May to $1.92 trillion, according to the U.S. Census Bureau. Compared with May 2022, construction spending jumped 2.4%.
Private residential construction spending increased 2.2% from April but was down 11.6% compared with May 2022.
Manufacturing construction spending soared 76.3% compared with May 2022 and was up 1.0% from April.
“The data for May show there has been no letup in the feverish pace of manufacturing construction but a very mixed picture for other project types,” stated Ken Simonson, the Associated General Contractors of America’s chief economist. “There have been strong year-over-year increases in most categories but it remains to be seen if the market is now cooling.”