Dive summary:
- In a switch from the pattern of many months, public-sector nonresidential construction was up from April to May by 1.8% – though it stood 4.9% below adjusted May 2012 spending and is expected to keep declining overall because of budget problems.
- Private nonresidential construction put in place was down 1.4% from April and 0.9% for 12 months, which Associated General Contractors of America's chief economist, Ken Simonson, attributed to "hesitancy by private owners to commit to new construction."
- With still-climbing residential construction figured into the mix, total construction from April to May rose 0.5% and was up 5.4% from the year-before level.
From the article:
“Hotel construction has been the only consistently strong nonresidential category this year. ..."