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Construction spending continues positive trend<span class="editing-mark" style="background:#fe7f7f;padding:0.1em 0;" title="This is meant to be deleted.">s</span> in May

06.24.2013

Residential construction spending rose in May.

Further residential construction spending may help the residential market deal with shrinking inventory levels, as the former continued to improve earlier this year.

Total construction spending rose to an annual rate of $495.7 billion during May, according to a report from McGraw Hill Construction. This was 5 percent improved from April's level. For the residential sector, the figure jumped to a rate of $206.8 billion, which was 3 percent higher than the previous month.

"The construction industry has shown modest improvement over the past year, helped by some project types while restrained by others," said Robert Murray, vice president of economic affairs for McGraw Hill Construction. "The housing sector played a leading role last year in lifting overall construction activity, and while this year's month-to-month gains have been smaller, housing continues to lead the hesitant construction expansion."

This could help the inventory levels around the country, as the figure remained low in May. According to a report from the National Association of Realtors, the figure increased 3.3 percent from April's level, but it was still more than 10 percent less than during the same month in 2012.

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