WASHINGTON (AP) — U.S. construction spending fell 0.3% in May. Growth in housing spending, the economy’s standout performer, slowed while activity in areas most directly impacted by the pandemic showed further weakness. The Commerce Department reported Thursday that the May decline followed a slight 0.1% rise in April and left overall construction spending up 7.5% from a year ago. Housing construction, which has been a leading force for the economy during the pandemic, posted a tiny 0.2% gain in May as single-family home construction rose 0.8% while apartments and other multifamily construction was flat. Nonresidential construction activity fell 1.1% in May with hotel and motel construction and the category that covers shopping centers both falling.
