With a dive in costs on public building offsetting a drop in costs on personal construction, the Commerce Department launched a report on Monday revealing that U.S. construction costs was unchanged in the month of May.
The report stated building spending was unchanged at an annual rate of $1.23 trillion in May after falling by 0.7 percent in April. Economic experts had actually anticipated investing to increase by 0.2 percent.
The Commerce Department stated spending on public building and construction rose up by 2.1 percent to a yearly rate of $286.9 billion.
Spending on educational building and construction increased by 5.1 percent to a rate of $74.3 billion, while investing in highway construction fell by 0.9 percent to a rate of $90.6 billion.
The report stated costs on private building and construction fell by 0.6 percent to an annual rate of $943.2 billion in May.
While spending on residential building and construction stopped by 0.6 percent to a rate of $509.6 billion, investing in non-residential building moved by 0.7 percent to a rate of $433.6 billion.
The Commerce Department kept in mind that overall building and construction costs was up by 4.5 percent compared with the very same month a year earlier.
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