North America’s Largest Woodworking Event | Tuesday–Friday | August 6–9, 2024

#IWFmorefor24

Industry & Trends

Construction Spending Ticks Up in May, Continuing Uneven Path

The building industry has been on a roller coaster ride the past year and that continued in May – in a good way – when spending in the U.S. beat expectations.

Construction spending is still in recovery mode and is unlikely to hit the highs of the early years of the pandemic when the country experienced a major housing boom but the news for May was nevertheless encouraging.

The U.S. Department of Commerce Department reported in early July that spending on construction rose 0.9% in May, beating a forecast from economists surveyed by Reuters who were only projecting a 0.6% increase. May also beat the April 0.4% gain and for the year to date, overall construction spending is up 2.4% versus a year ago.

The increases seemed to hit across the board. Private construction projects jumped 1.1%, while overall residential construction jumped 2.2% after dropping 0.9% the prior month. Spending on single-family housing projects increased 1.7% in May while public construction project spending eked out a 0.1% rise. Spending by local and state governments also showed a 0.4% increase.

But there were some negative numbers. Multi-family project spending was off 0.1%, private non-residential building for things like gas and oil well drilling fell 0.3% and spending on federal government projects dropped 2.5%.

BACK TO NEWS

More Industry & Trend News

  • Baltimore Bridge Collapse Could Impact Plywood and Veneer Shipments

    April 10, 2024

  • Home Depot Doubles Down on Pro Business

    April 10, 2024

  • Over Half of Homeowners Plan to Renovate in Next Five Years

    April 10, 2024

Register to Attend

Be part of North America’s largest woodworking show and conference.

Register Now

Apply to Exhibit

Grow your business at the premier global woodworking trade show.

Exhibit at IWF 2024

Show Hours & Location

International Woodworking Fair
Tuesday–Friday
August 6–9, 2024

Tuesday–Thursday
8:30 AM–5:00 PM
Friday
8:30 AM–2:00 PM

Georgia World Congress Center
285 Andrew Young International Blvd
Atlanta, GA 30313

Get Industry News & IWF Updates

Subscribe to IWF Network News.

Subscribe Now

Terms & Privacy Policy

© 2020 International Woodworking Fair, LLC Terms of Use & Privacy Policy

3520 Piedmont Rd NE #350, Atlanta GA 30305 | (404) 693-8333

IWF 2024 Add to Calendar

Sync IWF 2024 with your favorite calendar program.

Notification Message

loading … please wait