May Private Residential Construction Spending Dips
Private residential construction spending declined by 0.5% in May, marking the fifth consecutive monthly drop, driven mainly by reduced investment in single-family homes. Compared to a year ago, total residential spending is down 6.7%, with both single-family and multifamily sectors facing ongoing pressure from high interest rates and tariff uncertainty. While remodeling spending saw a slight monthly increase, it remains significantly lower than last year.
