US Construction Spending Beats Expectations in May on Housing
July 3, 2023 | Reuters
U.S. construction spending increased more than expected in May as a severe shortage of houses for sale boosted outlays on single-family homebuilding.
The Commerce Department said on Monday that construction spending rose 0.9% after gaining 0.4% in April.
Economists polled by Reuters had forecast construction spending increasing 0.6%. Construction spending advanced 2.4% on a year-on-year basis in May.
