Construction spending fell in May, marking three consecutive months of decline, according to a government report released Tuesday.
The 0.4% decline, to a seasonally adjusted annual rate to $1.085 trillion, was better than the 0.6% drop forecast by a consensus of economists surveyed by Briefing.com.
That doesn’t mean builders are out of the woods. Spending has dropped 6% from May of 2007, and for the first five months of 2008, construction spending topped $416.6 billion, down 5.1% from the same period last year.
Spending on private construction fell in May, declining 0.7% to an annual rate of $784.2 billion.
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