Construction spending weakened in May
|Summary
Construction spending set to downshift
Total construction spending fell 0.1% during May. Both residential and nonresidential outlays dropped during the month. Although the construction market as a whole has navigated the higher interest rate environment relatively well thus far, the restrictive effects of tight monetary policy are becoming increasingly apparent across the industry. Separately reported, the forward-looking Architecture Billings Index (ABI) declined to the lowest reading since 2020 during May, which suggests further weakening in terms of construction spending is in the pipeline.
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