Construction Spending on the Decline – NMP Skip to main content

Construction Spending on the Decline

Phil Hall
Jul 02, 2019
Photo credit: Getty Images/whyframestudio

Construction spending during May totaled a seasonally adjusted annual rate of $1.29 billion, according to data released by the U.S. Census Bureau. May’s level was 0.8 percent below the revised April estimate of $1.3 billion and 2.3 percent below the May 2018 estimate of $1.32 billion.
 
Year-to-date, construction spending amounted to $498.8 billion, a 0.3 percent drop from the $500.3 billion total for the same period in the previous year.
 
Spending on private construction was at a seasonally adjusted annual rate of $953.2 billion, 0.7 percent below the revised April estimate of $960.3 billion. Residential construction was at a seasonally adjusted annual rate of $498.9 billion in May, down 0.6 percent from the revised April estimate of $501.7 billion. Non-residential construction was at a seasonally-adjusted annual rate of $454.3 billion in May, a 0.9 percent drop from the revised April estimate of $458.5 billion.

 
Published
Jul 02, 2019
Blend Labs Has Cut 420 Jobs Since April

The 25% reduction of its workforce comes as it posts $478 million Q2 loss.

Industry News
Aug 17, 2022
UWM Now Offering Temporary Rate Buydowns

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

Industry News
Aug 17, 2022
Rocket Mortgage Teams With Santander Bank

Rocket's mortgage services now available to Santander's U.S. banking clients

Industry News
Aug 16, 2022
Ameris Bank Commits $10M To Help 1st-Time Homebuyers

The Ameris Down Payment Grant Program will help eligible first-time buyers with down payments and closing costs.

Industry News
Aug 16, 2022
Competition Now Highest For Lowest-Priced Homes

In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.

Analysis and Data
Aug 16, 2022
Impac Mortgage Slashes Staffing Levels By 48%

From 330 in 4Q 2021, headcount now stands at 170 for California lender

Non-QM
Aug 15, 2022