Economic Buzz: US construction spending dips slightly in May

Construction spending in the U.S. decreased by slightly more than expected in the month of May, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said construction spending fell by 0.3 percent to an annual rate of $2.138 trillion in May after slipping by 0.2 percent to a revised rate of $2.146 trillion in April.

The continued decrease in construction spending came as spending on private construction slid by 0.5 percent to an annual rate of $1.627 trillion.

Spending on residential construction decreased by 0.5 percent to an annual rate of $888.9 billion, while spending on non-residential construction declined by 0.4 percent to an annual rate of $737.7 billion.

Meanwhile, the Commerce Department said spending on public construction inched up by 0.1 percent to an annual rate of $511.6 billion.

While spending on educational construction rose by 0.2 percent to an annual rate of $111.8 billion, spending on highway construction fell by 0.3 percent to an annual rate of $143.2 billion.

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