Construction Spending Fell in May

Washington Post (07/02/08) P. D2
The Commerce Department has confirmed a 0.4-percent decline in construction outlays in May, marking the 11th drop in the past 12 months. Spending for nonresidential buildings such as offices and hotels was healthy but was not strong enough to counter the continued poor showing from the residential segment, which saw construction expenditures slide 1.6 percent for the month. The housing market is more than two years deep into a housing downturn, and May's spending fallback for residential construction spending is the 25th in the last 26 months.