Skip to main content

Construction Spending Mostly Steady in May

Phil Hall
Jul 07, 2017
Builder confidence in the market for newly-built single-family homes remained unchanged in March at 62, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI)

Total construction spending during May was estimated at a seasonally adjusted rate of $1.23 billion, nearly the same as the April rate by 4.5 percent above the $1.17 billion rate from May 2016, according to data from the U.S. Census Bureau. During the first five months of this year, construction spending amounted to $469.2 billion, which is 6.1 percent above the $442.4 billion for the same period in 2016. 
 
Private construction spending in May was at a seasonally adjusted annual rate of $943.2 billion, 0.6 percent below the revised April estimate of $949.3 billion. Residential construction was at a seasonally adjusted annual rate of $509.6 billion in May, which was 0.6 percent lower than the revised April estimate of $512.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $433.6 billion in May, 0.7 percent below the revised April estimate of $436.7 billion.
 
In May, the estimated seasonally adjusted annual rate of public construction spending was $286.9 billion, 2.1 percent above the revised April estimate of $281 billion.

 
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021
Mortgage Lenders Expect Profit Margins To Shrink

69% of lenders believe profit margins will decrease in the months ahead, while 19% believe profits will remain the same, and 11% believe profits will increase.

Industry News
Jun 14, 2021
Real Estate Industry Calls To End Eviction Moratorium On June 30, 2021

Expanding the moratorium will only increase levels of debt on renter households and impede the recovery of the housing sector.

Industry News
Jun 14, 2021
Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021
FAU Index Shows Where Consumers Should Buy Or Rent

Consumers are better off renting in cities like Dallas, Texas

Industry News
Jun 07, 2021