Residential Construction up for Second Consecutive Month

Spending on private residential construction increased for the second consecutive month in May as spending on both single-family and multifamily construction edged higher during month resulting in double digit gains for both compared to a year ago according to the U.S. Census Bureau.

Overall, the Department of Commerce released the Construction Spending report this morning. The report shows a 0.9% increase to $830 billion in spending for May. Analysts had expected to see a 0.2% increase in spending.